RTI – Real Time Information – Are you aware?
You may already be aware but just in case you are not, we would like to bring to your attention that a major change regarding PAYE reporting is due to take effect from the 6th April.
The HMRC website gives the following information:
From 6 April 2013 employers will have to start reporting PAYE information to HMRC in real time. You may see this referred to as Real Time Information – or RTI.
This means that employers (or their accountant, bookkeeper or payroll bureau) will have to:
- Send details to HMRC every time they pay an employee, at the time they pay them
- Use payroll software to send this information electronically as part of their routine payroll process.
It is our understanding that the reporting information is still required to be sent to the HMRC for every Director or Employee regardless of whether their pay is below the tax and NI limit, and if no salary is paid at all. Therefore we advise you to contact your Accountant for further information on how this will affect you.