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What is RTI and How Does it Affect Your Business

What?

RTI is Real Time Information

When?

In six months time*there is a compulsory requirement to change the way deductions are reported on your employee payslips. * (see timetable http://www.hmrc.gov.uk/rti/non-standard.pdf)

Why?

The idea behind this is to make the PAYE process simpler for both employers and the HMRC, reducing the need for the end of year return forms P35 and P14. It could also help simplify the new employee and P45 process.

There is now  a requirement for employee payslips to show more information about their deductions e.g. tax and national insurance when/before the payments are made instead of waiting until after the end of the tax year.

This should reduce the number of repayments made after the tax year and ensure that the HMRC can pursue late payments more effectively. This could also help reduce errors and fraudulent tax credit payments.

 How?

You must ensure all your employee data is up to date for example; date of birth, NI number, tax code etc.

Review your software and procedures to ensure that it has the ability to show these changes effectively

Communicate with your employees, as always in the event of any change communication is key, ensure that your employees are aware what is changing and why.

For more detailed information please check the link: http://www.hmrc.gov.uk/rti/index.htm

Alternatively give us a call and we can talk you through the changes required.

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