HMRC has Introduced Real Time Information (changes to PAYE)
What is it? . . .
From April, HMRC will introduce Real Time Information (RTI), a new scheme for all employers in the UK. Replacing the traditional ‘end-of-year return’ (P35 and P14) that employers must currently submit for each of their employees.
What does it require? . . .
RTI requires employers to submit more regular ‘real time’ information of their employees’ gross pay deductions either on a weekly or monthly basis, depending on when the employee is being paid.
Who will it impact? . . .
Affecting all employers nationwide, the new scheme will demand more payroll administration, not to mention more time to stay on top of legal obligations to avoid the regular penalties that will come into play.
How can we help?…
In addition to servicing your HR requirements, we can provide you with a fully managed payroll service which includes calculating payslips and liabilities, reporting, processing P45s, administering salary sacrifice schemes, maternity and sick pay.