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News - 8 March 2013

Get ready for RTI

With just one month to go until the start of the biggest shakeup of the Pay As You Earn (PAYE) system in nearly 70 years, HMRC is urging employers to get ready.

From 6 April, employers will be required to move to a new way of reporting PAYE called RTI where they report each time they pay their employees, rather than annually. This updates the PAYE system so that it is quicker, easier and more accurate.

With the introduction of RTI, employers will benefit from much simpler requirements for reporting to HMRC and the abolition of the extensive annual PAYE return that the old system required. Savings to businesses will total £300 million in reduced administration costs once the system is up and running.

For employees, particularly the million people in the UK with multiple jobs, RTI will bring benefits as HMRC starts to get details of their tax every time that their wages are paid, rather than just once a year. This will make HMRC’s records more accurate and up-to-date and will begin to reduce the number of cases where someone is found to have under or overpaid tax during the year.

Tonmoy Kumar, Manager of the Accounts Department of ABDS comments:
“Employers can find all the information they need about the new system on HMRC’s website and small businesses can download free software to help them get ready. Or for a more personal approach and to have the burden taken off your hands, contact us at ABDS. So whatever the size of your business, wherever you are based, whatever you do - if you employ people, it’s time to get ready.”

RTI is seen as an integral part of the Governments new Universal Credit initiative which starts in October 2013, which is designed to help claimants and their families to become more independent and will simplify the benefits system by bringing together a range of working-age benefits into a single streamlined payment.

If you are unsure and need any help and advice on PAYE, RTI, National Insurance, or you need to keep abreast of changes in legislation and how it could impinge upon your business, 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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