Real Time Information (RTI)
The Real Time Information (RTI) directive was implemented on the 6th April 2013. Its purpose was to improve and streamline the process of providing employee’s payroll, National Insurance, and tax information to HMRC. Previously PAYE information was reported to HMRC at year-end by the submission of either a P35 or a P14. Now, every time an employee is paid through the PAYE scheme it is reported directly to HMRC through a payroll provider.
Prior to its launch, RTI was described by many as being the biggest change to UK payroll since the introduction of PAYE in 1944. HMRC will be dishing out hefty fines for non-compliant business so it is important that it is done correctly or the consequences could be dire.
The good news is that Exchequer Accountancy Services is here to help. The payroll software that we use has been specifically designed to support RTI so its implementation is actually a good thing for our clients as there is less work involved for all. Whether you use our FreeAgent portal, or email everything to your personal accountant, every time you pay yourself a salary we will report this to HMRC directly through our Government Gateway meaning that all of our clients can sit back and relax.
If you would like more information on RTI please call one of the team on 033 3323 1199.