What is Real Time Information (RTI)?
The introduction of RTI is set to be the biggest change PAYE has ever seen and will fundamentally change the way in which information is passed from payroll departments to the HMRC. In simple terms it means that as of April 2013, employers will have to report all PAYE in real time rather than at the end of the year.
“Real Time Information (RTI) is being introduced to improve the operation of PAYE. It will make the PAYE system easier for employers and HM Revenue & Customs (HMRC) to operate, and employees will receive information more quickly. It will also help support the introduction of Universal Credits.” – HM Revenue & Customs
What do you need to do?
HMRC indicate that employers should be using a RTI enabled payroll system by April 2013. It is of primary importance that you update your existing payroll software (Selima customers will automatically be RTI ready with the routine year end update), or source a supplier that is RTI enabled.
HMRC have issued guidance and a checklist on their website to assist you with preparations, information is also available for employees. Having RTI ready software is key, but you will still need to organise other tasks such as making sure all your employee data is accurate and has no missing information or discrepancies.
What are Selima doing?
Selima Payroll is already RTI enabled ahead of the April deadline, and we have run several pilots with some of our customers. Our Payroll clients will become automatically RTI ready in April with the routine year end updates. We have made a conscientious effort to keep our customers updated and informed every step of the way.