Accounting News

Payroll changes

Payroll changes – Real Time Information (RTI)

Tuesday 26 August, 2014

What is RTI?

RTI is a reform of the PAYE system that will require employers to make submissions of employee payment and deduction information when or before payments are made to employees. It will also make the verification of employee National Insurance numbers more efficient and simplify the end of year process. Employers will also be required to make submissions about their monthly or quarterly payments to HMRC and there will be penalties for incorrect payments.

When will RTI affect you?

The mandatory migration period for employers to become RTI compliant is phased from April 2013 to October 2013 and HMRC will notify employers 4-6 weeks before they are required to begin making RTI submissions.

How do you become compliant?

Talk to Visionary Accountants for a compliance check.

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