There are now less than six months until almost all employers and pension providers must report their payroll information to HMRC on or before every payday.
To be able to comply with the new system there are a number of measures that you as a business will need to take. These include:
Ensuring employee data is correct and complete
It is vital that the information you hold on your employees is accurate and up to date for Real Time PAYE to function effectively. The data held by you will be matched to data held by HMRC, so any discrepancies could be rejected.
Align your data to HMRC’s
Before you can start reporting in real time you will need to send HMRC information about every employee that’s worked for you in the current tax year (even if they have already left). Your information and software will need to be up to date before you can do this.
Changing internal processes
There will need to be a number of changes, including:
- The way you record working patterns
- The way you report new starters and leavers
- The way you report company cars
- The way you report at the year-end.
Ensure you are using the RTI compatible software
If we do your payroll you will not have to worry about this, but if you are using payroll software you will need to ensure it is compatible with RTI.
We can help
We can help you to prepare and get ready for RTI, please contact us to find out how.