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News - 17 April 2012

Real Time Information (RTI) has started.

A pilot project involving Ten UK employers has started that is set to herald a major change in the way tax bills are calculated.

Employers will supply updated pay, tax and national insurance data about their staff to HM Revenue and Customs (HMRC) each month.

RTI will make it easier for employers, pension providers and HM Revenue & Customs (HMRC) to administer PAYE. Under RTI, employers and pension providers will tell HMRC about PAYE payments at the time they are made – as opposed to only at the end of the year.

The change, which will be phased in, with most employers joining RTI from April 2013 and all employers will be using the RTI service by October 2013.

David Gauke, Exchequer Secretary, said:

“RTI will ensure that the PAYE system meets the needs of the 21st century. It will improve the service to taxpayers by making it easier to ensure that people pay the right tax after a change of job.

RTI will support the operation of Universal Credit – the Government’s flagship welfare programme, which brings together means-tested in and out of work benefits, Tax Credits and support for housing and will improve work incentives and make work pay.

Oliver Reeve of the Payroll Department of ABDS says:
“The introduction of a new computer system for income tax and national insurance two years ago revealed that millions of tax records for the past few years had not been reconciled properly.”

If you need any help and advice for your business on Payroll and National Insurance, contact Lavinia Newman, Stuart Coleman or Tonmoy Kumar to discuss how ABDS can help

ABDS Chartered Certified Accountants of Southampton.
Tel: 023 8083 6900  E-mail: abds@netaccountants.net

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