Payroll Real Time Information


When Real Time Information (RTI) is introduced from April 2013, it will require employers to start providing employee PAYE, National Insurance and Student Loan information to HMRC at the point of payment every month, rather than just at year end.

The impact of RTI on your business
Its introduction represents one of the most fundamental changes to payroll and small business reporting requirements since 1944, but despite the imminent change one in three UK firms are still not aware of what RTI will mean for them. Furthermore, only one in ten of the 1,100 businesses we surveyed recognised the positive impact RTI can have on their organisation, with nearly half (43%) feeling that the changes will increase rather than lessen administrative burden.

Get RTI ready
In order to best prepare, small businesses should follow some straightforward tips to set up for success:
Find out what the legislative changes will mean to your processes by speaking to your Christine Marsh @ Sterling Accounting Services.  This will ensure you continue to pay your employees and HMRC on time, whilst also fulfilling the legislative requirements of submitting more frequently to HMRC

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