Are you ready for RTI?

With the introduction of Real Time Information (RTI), HMRC is making one of the biggest changes to the Pay as You Earn (PAYE) scheme since it began in 1944. RTI will improve the reporting of PAYE information to HMRC and, from April 2013, will become mandatory for all but a few employers.

PAYE information will be collected more regularly, in fact every time employers run their payroll, rather than the current system of submission at the end of the tax year.

Are you ready for the challenges ahead and the changes it will make to running your payroll asks RSM Tenon?

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What you should be thinking about:

• Data Quality - employee data must be correct before RTI is live so HMRC can correct inaccurate information
• Talk to your software provider if you use payroll software
• Payroll alignment - this is needed to ensure that HMRC and you hold consistent data about your employees