News: 7th February 2013

HM Revenue and Customs (HMRC) is in the process of issuing a final reminder to small businesses ahead of the introduction of Real Time Information (RTI) in April.

The department will write to every business and pension provider affected during this month to ensure they are ready for changes to the PAYE system, Accountancy Live reports.

As of April 6th, firms will be asked to send all PAYE details on every pay day - therefore in real time - as opposed to at the end of the tax year.

And this means businesses will need to ensure their PAYE software - or their provider's system - is RTI-ready with only a couple of months to go.

Last month, HMRC urged businesses to undertake data cleansing to ensure their switch to the new system would be made without any problems.

According to PAYE return details for the 2009-10 tax year, 40 people were listed as aged more than 200-years-old.

Posted by Thomas Fletcher