What is RTI?
Real Time Information (RTI) is a new system being introduced by HM Revenue & Customs (HMRC) for the reporting of payroll information. From 6 April 2013 employers will have to start reporting PAYE information to HMRC in real time. The way that new employees and leavers are reported to HMRC is also changing.
Find out more:
HMRC website http://www.hmrc.gov.uk/payerti/getting-started/index.htm
Intuit Quickbooks Free Resources section
Are you ready for RTI?
RTI means that all employers will have to send detailed information to HMRC every time they pay all employees, at the time they pay them - including students, temporary and casual workers and those paid below the National Insurance Lower Earnings Limit. Employers will be required to use payroll software to send this information electronically as part of their routine payroll process. Detailed and accurate information on all employees is needed to avoid rejected submissons.
You have two main options for operating your payroll:
- in-house electronic payroll - you use payroll software to store employee records on a computer, calculate pay and deductions automatically, and report your payroll information electronically
- outsource your payroll - you can pay a payroll provider (such as Sorted by Mandy) to look after some or all of the necessary calculations, reporting and record-keeping
Do you need help with RTI?
If you have been running a manual payroll, the transition to RTI may prove to be a challenge. I can help you bring your payroll and employee information up-to-date; check internal business processes; and initiate new starter and leaver processes.
If you decide to simplify your business by outsourcing your Payroll, I can provide this service. You would send me employee details and gross pay information so that I can calcuate net figures, tax and national insurance using an approved software package. This integrates with the HMRC system so that I can send real time information to them online on your behalf. I would then inform you of net amounts to be paid to employees and what is due to HMRC and when.
Contact me to discuss your needs.