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UK PAY: Real Time Information (RTI) Reporting from the 2013/14 tax year
MAJOR CHANGES
FOR UK PAYROLL - RTI
HMRC are introducing Real Time Information Reporting from the 2013/14 tax year
What is Real Time Information?
RTI is the biggest change in UK Payroll processing since the introduction of PAYE in 1948.
All Employers will need to send Pay, Tax, NI and other Employee details to HMRC every time an Employee is paid. Once an Employer has migrated to RTI there is no requirement to complete the current End of Year returns, P14 and P35. The P60 will still be a requirement.
When to move to RTI
HMRC have recently extended their timeframe for Employers to migrate to RTI.
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