RTI - Real Time Information
THE BIGGEST CHANGE TO PAYROLL PROCESSING SINCE ITS INCEPTION OVER 60 YEARS AGO!
HM Revenue & Customs (HMRC) have introduced Real Time Information (RTI) which has completely changed the way in which PAYE information is reported to HMRC. Over a million employers have joined the programme; we have trained up dozens of individuals on RTI compliance.
Are you RTI ready?
For over six decades, employers were only required to submit payroll information to HMRC for each of their employees e.g. Income Tax, National Insurance Contributions, SSP, SMP, etc. at the end of the tax year. With the introduction of RTI, this information will now have to be submitted electronically to HMRC every time an employee is paid i.e. on a weekly or monthly basis.
The benefit of RTI is that HMRC will have more up-to-date information about each employee's pay, tax deductions, etc. which will ensure that employees' tax codes are more accurate. This will therefore minimise over and under payments of tax.
Employers no longer submit the end of year forms including P35, P38A, P14s, etc. as this information would have been submitted to HMRC throughout the year.
HMRC have introduced five different RTI submissions which include:
- Employer Alignment Submission (EAS)
- Full Payment Submission (FPS)
- Employer Payment Summary (EPS)
- Earlier Year Update (EYU)
- National Insurance Number Verification Request (NVR)
Sage 50 Payroll is now RTI compliant.
Please click on the link below in order to view details of the Sage 50 Payroll training course :