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Real Time Information (RTI)

From 6 April 2013 employers will have to start reporting PAYE information to HMRC in real time. You may see this referred to as Real Time Information - or RTI.

This means that employers (or their accountant, bookkeeper or payroll bureau) will have to:

• send details to HMRC every time they pay an employee, at the time they pay them

• use payroll software to send this information electronically as part of their routine payroll process

The Pay As You Earn (PAYE) system was first introduced in the 1940's and the recent introduction of Real Time Information (RTI) will means PAYE information must be submitted to HMRC every time employees are paid, instead of once a year at year end.

The RTI requirement will be mandatory for all employers by October 2013.

Some of the benefits of the new RTI system include:

  • Simplifying the PAYE process for both business and HMRC
  • Quicker responses to PAYE errors
  • Reduce fraud and help benefit payments and the introduction of the new Universal Credits.

Get in touch with us to see how we can help you with this transition.