Real Time Information (RTI) – get it right first time.

Real Time Information (RTI) – get it right first time.

  1. Find out about it, how it effects you and your business
  2. Check your current payroll and bacs software is compatible and able to cope with RTI
  3. Clean your data, for all your employees including those that have left in this tax year.
  4. Educate your employees; tell the importance of giving you correct data and the knock on effect on any benefits they might be receiving.
  5. Be ready for RTI.

 Real Time Information (RTI) is the HMRC initiative to reduce administrative burdens on business by about £300 million a year from 2014-15.  The idea is that business will save time and money by not sending a separate end of year return.  The Payroll function within the business will report to the HMRC at the same time as paying the employee.  Sounds like a perfect plan for the HMRC, but how does it fit with your business.  All business with employees should be using the new RTI function by October 2013. 

There is a certain amount of preparation before a business can “go live” with RTI.  The payroll data needs to be clean and up to date otherwise the HMRC will reject it.

The business also needs to have a HMRC approved way of sending the information.  Does your current payroll software provider have RTI in hand?

Preparation for RTI will need time and effort out of the everyday business operations, End 2 End Payroll can help with this.   For a fixed consultancy fee, we can assess whether your business is ready for RTI and advise on how to tackle preparation.

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