~ Accounts ~ Business Tax ~ Personal Tax ~ Tax Planning ~ Financial Planning & Budgeting ~ Company Incorporation ~ Business Start Ups ~ V.A.T. Registrations ~ Bookkeeping ~ Payroll & P.A.Y.E. ~ C.I.S. ~ Tax Investigation Defence ~
Accountancy Fellowship is the trading name of “Accountancy Fellowship Limited” incorporated in England and Wales. Registration No. 6036328
© Copyright: Accountancy Fellowship Ltd
REAL TIME INFORMATION
From 6th April 2013 the way that you report PAYE to HMRC is changing.
ALL Businesses will have to report their PAYE information in Real Time. This is
widely being referred to as RTI.
What does this mean?
Every time that your business pays an employee, at the time you pay the employee,
you will need to report this detailed information to HMRC. The information to be
submitted includes details of the hours worked, the amount paid, the Income Tax
and National Insurance amounts deducted (if applicable), the pay period and some
personal information on the employees.
How does this work?
If you are currently producing a manual payroll and filing online the Annual Return
with HMRC at the end of the year, you will need to look into finding either payroll
software to use, or an Accountant, Bookkeeper or Payroll Bureau to process this for
you. – You can find details of accredited software on HMRC’s website.
If you are using payroll software that has been updated to be used under the new RTI
regime then you will need to review what further information you will need to obtain
from your employees to comply with filing PAYE under RTI.
When will RTI come into effect?
Reporting PAYE in Real time is mandatory from 6th April 2013 and failure to comply
with your obligations under RTI could lead penalties.
For more information from HMRC on RTI visit HMRC’s website on:
|Budget March 2016|
|Budget Mar 2017|
|Budget Nov 2016|
|Employee Mileage Claims|
|Travel Expenses Art|
|Building Trades - Employment Status|