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HMRC - RTI - Real Time Tax Information

 

Almost a quarter of a million employers are set to join a pilot of the government’s Real Time Information (RTI) scheme, one of the biggest changes to the way employers submit information to HM Revenue & Customs (HMRC) in half a century.

When the full scheme is implemented at the start of the next tax year in April 2013, all employers will be required to send details of employees’ Pay As You Earn data electronically as part of their routine payroll process, rather than as a standalone submission at the end of the year.

The initial RTI pilot was launched in April 2012 with just 10 employers, before a further 310 were added in May. With this latest expansion, the schemes in place before official implementation could account for around six million individuals nationally. 

 

Real-Time Information (RTI), which will be introduced next April, demands that employers tell HMRC about the tax, National Insurance contributions (NICs) and any other deductions when or before payment is made to employees. This means an electronic PAYE [pay as you earn] return must be filed every time employees are paid, so a recruitment or umbrella company responsible for paying several hundred people on a weekly payroll will have to submit a return 52 times a year. Similarly, returns have to be made for anyone paid daily.

RTI applies to PAYE schemes and will not affect self-employed workers or, for example, contractors who have limited company status. In theory, it will improve the way the PAYE system operates and make it more accurate for both employers and employees. HMRC also claims it will eventually make the process less burdensome as gathering this information will become an integral part of an employer’s normal payroll activity. There is no doubt though that it will bring extra work initially and has the potential to considerably add to the administrative workload for anyone running a business. 

 

Source: Recruiter

 

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