Payroll Services – Real Time Information
Real Time Information (RTI) is mandatory for all employers and is to be implemented from April 2013.
Under the current PAYE system although payroll is run weekly or monthly the details of payments and deductions made to individual employees are not submitted to HMRC until the end of the tax year. The full breakdown of payments and deductions form part of the year end forms P35 and P14 which are sent in on a tax year basis.
Under RTI employers or their agents will be required to make regular payroll submissions for each pay period during the year detailing payments and deductions made from employees each time they are paid.
Whilst the majority of payroll systems are gearing up to ensure that they are able to deal with the new compliance requirements of the RTI system, there are some important changes which will need to be made to the way you process your payroll.
If you need any assistance then please do not hesitate to contact Winckley Payroll Services on 01772 693111 or email@example.com.
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