A fifth of UK firms 'not ready' for new RTI system
2nd April 2013 | News
Nearly a fifth of all UK firms have admitted they are not prepared for the change to the new Real Time Information (RTI) system introduced by HM Revenue & Customs, say the Forum of Private Business (FPB).
From this Saturday (6 April) all employers will be required to revert to RTI, providing HMRC with PAYE details every time they pay an employee, as opposed to annually.
Employers will be required to make submissions under RTI known as ‘Full Payment Submissions’ (FPS) and, as mentioned above, these will include details of pay and deductions made after each payroll run.
The data required to complete the FPS will then be collected by new payroll software and sent direct to HMRC online.
Businesses are required to install new PAYE software which HMRC insists will help eliminate errors and reduce the risk of fraud.
The FPB said SMEs should make sure they have accurate payroll records, including staff details such as birth dates, National Insurance numbers and home addresses.
"[It is] better to act now than have a phone call from an unhappy tax man after April 6," said the FPB.
Employers can obtain further information by reading our own RTI FAQs. At TaxAssist Accountants, our very own payroll software is RTI-compliant, allowing us to manage payroll runs for our clients, the migration into RTI and the reporting changes it entails.
If you would like to discuss our services further don’t hesitate to arrange a free initial consultation with us by calling our friendly team on 0800 0523 555, or complete our online enquiry form today.