From the 6 April 2013 real time information for payroll reporting begins. Employers operating Pay as You Earn (PAYE) will now need to use real time information to report payroll deductions when they make them.
Current reporting obligations require employers to submit P35 and P14 forms at the end of the tax year and P45 or P46 forms to HMRC when employees commence or leave a job.
Under the new system employers will be required to provide data on every employee to the HMRC every time you run your payroll. The HMRC is likely to make contact to notify you of your official RTI start date approximately 4 – 6 weeks beforehand. Employers also have the option to make contact earlier to ensure adequate time is allocated for this initial data update should your organisation have a high turn over of staff.
We recommend steps are taken to ensure all your current employee personnel information are correct and up to date if current payroll records are incomplete.
We could help your business to prepare for Real Time Information. Please contact us to find out more.