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November 29, 2012

Real Time Information or RTI

You will probably be aware that from April 2013, there will be a new way to report PAYE information for your employees: Real Time Information or RTI.

This is the biggest change in PAYE in sixty years. RTI will require you to track any payments made to employees each time you make them, rather than on a monthly basis, to help HMRC keep more accurate records and to ensure more people pay the correct tax.

You, or your payroll agent, must ensure that your payroll software is updated to be RTI-compliant. You can check this with your software provider direct, or ask your payroll agent. It is absolutely crucial that you prepare for this major PAYE change now, to ensure a smooth transition. You must also ensure that you and your payroll agent hold 100% accurate and complete details for each of your employees, regardless of the length of their employment within your business.

We understand that changes like this can be daunting. We are offering all our clients a no-obligation quote to take over and manage the payroll for your organisation. Please do be in touch with us if you have any questions or concerns regarding the introduction of RTI or any communication you have received from HMRC and to arrange for your free quote.

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