RTI is coming
HMRC are urging employers to get ready for major PAYE changes that come into effect from April 2013.
From April 2013 employers will have to submit PAYE returns electronically, using RTI enabled payroll software, each time they pay their employees. The new returns form part of routine payroll procedures and will include details of individual employees' pay, tax and other deductions.
Ruth Owen, HMRC's Director General Personal Tax, said:
'To avoid a last minute rush it's vital employers act now, if they have not already done so.'
'Employers will need to send their first return - called a 'Full Payment Submission' or 'FPS' for salary or wage payments made to employees on or after 6 April - and if they have 250 or more employees they will have to send an Employer Alignment Submission before the first FPS.'
'Although reporting PAYE in real time will be straightforward for most, some preparation is needed. There is more to it than simply buying or updating software - although this is key. Employers may need to add employees such as casuals or those below the Lower Earnings Limit to their payroll system and must think about their payroll practices to make sure that they work for real-time reporting.'
If you would like help with payroll and RTI please do contact us.
Internet link: Press release