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Is your business ready for RTI PDF Print E-mail
Friday, 25 May 2012 00:00

HM Revenue & Customs (HMRC) is introducing a new way of reporting PAYE known as Real Time Infomation (RTI).

The structure of PAYE will remain unchanged, but RTI will change the way in which employers and pension providers submit PAYE information to HMRC.

Under the current system, PAYE information is submitted to HMRC at the end of the tax year through the Employer Annual Return (P35) and P14 certificates. under RTI, information about PAYE will be submitted each time a payment is made as part of the payroll process, rather than at the end of the year. Every time to you pay your employees/pensioners you will send your RTI return to HMRC online. At the end of the tax year, there will be no need to submit an Employer Annual Return and P14 certificates to HMRC.

Most employers will be legally required to use RTI from April 2013, and all employers will be required to use RTI by October 2013.

HMRC will tell you when your business will need to start using RTI.

 
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