HMRC is introducing changes to the PAYE process from April 2013.
Real Time Information (RTI) is aimed at improving the operation of PAYE (Pay As You Earn). Currently, if you’re an employer operating PAYE you submit an end-of-year return to HM Revenue & Customs (HMRC). In future each time you pay an employee you’ll submit details about employee pay and deductions to HMRC.
From 6th April 2013, HMRC are introducing new legislation that means that employers will be required to
submit PAYE information to HMRC each time a payment is made, rather than at the end of the year. It’s called Real Time Information – or RTI.
Businesses willl shortly be receiving a letter from HMRC confirming that they will have to start submitting PAYE under the new payroll legislation.
It’s going to mean a big change to the way payrolls are managed and Hallidays, chartered accountants in Stockport, are advising on what action is required now to make sure businesses are compliant.
For more information visit www.hallidays.co.uk or call 0161 476 8276 or email payroll@hallidays.co.uk
Most employers will start operating the new PAYE process from April 2013.
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