RTI Stands for… Relax Totally It’s covered…

PAYE RTI is coming, as you’d expect, we’ve got it covered

If you have employees, you’ll be receiving a letter shortly from HMRC about Real Time Information. It can sound a bit daunting, so here are the things you need to know.

From 6th April 2013, you will need to tell HMRC each time you pay someone the following information:

– Who you have paid, including all details such as Name, NI Number, date of birth, hours worked etc
– What tax code you have operated
– The amount of the payment
– The amount of tax and national insruance you have deducted

A bit like sending an annual return each pay date!

This reporting process will eliminate the need for filing P45 and P46’s when a staff member starts and will also replace the end of year filing requirement, although you will still need to give staff P60’s.

Points to Note:

Casual staff earning small amounts will now be included in this reporting, so must be managed through your payroll software.

The P38(S) Student Exemption will be scrapped and students will be treated the same as other employees.

If you use software for completing your payroll, then the chances are that all that information is already there and your software provider will be ready in good time to assist with the change, this includes the free HMRC payroll software which will of course be compliant.

Of course, Belsoft payroll clients can relax as our software is ready and tested and our staff trained on the requirements of the new system.

If you manage your own payroll, maybe now is the time to consider outsourcing this, it might cost less than you think, contact us for a quote.

If you would like to know more about RTI or about the Belsoft Payroll Service then please contact Sarah on 0115 871 5842 or at sarah.spencer@belsoftstrategic.co.uk