Posted by Stuart Christy on 14 Jun 2012
We have joined the Real Time Information (RTI) Pilot
This is the new system that is being introduced by HM Revenue and Customs (HMRC). Most employers will join RTI in April 2013, when it is officially launched, and all employers will be using the service by October 2013.
It has been designed to improve the Pay as You Earn (PAYE) process. The new operation of PAYE will mean that data is submitted to HMRC at every payroll run rather than annually at the end of the tax year. Using the new system will mean that information held by HMRC about employees will be up-to-date and therefore fewer errors in tax deductions etc should occur. It will also be used as part of the new universal credit system.
Two employers that we current process payroll for have agreed to become part of the pilot scheme and we will be sending our first RTI submissions to HMRC in July.
If you would like any advice regarding the above article or would simply like to discuss other ways in which we could help you or your business, please contact us on 01962 856 990 or firstname.lastname@example.org.
- Property Partnership Incorporation and SDLT
- Overseas Pension Changes 6 April 2017
- Top 10 tax tips for expats moving to the UK
- Tax on Lump Sum Payments from Foreign Pensions
- Qualifying Non-UK Pension Schemes (QNUPS)