hmrc rti – key facts and information
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AccessPay’s Payroll Solution connects with HMRC in real time. We’re Bacs approved and fully RTI compliant.TRANSCRIPT
HMRC RTI (Real Time Information)Key facts and information
What is RTI (Real Time Information)?
HMRC’s Real Time Information (RTI) is the biggest ever change to PAYE. It is a new and improved reporting method that will make PAYE submissions more efficient.It will become mandatory for all employers from October 2013.
What does RTI mean for your company?
With RTI, businesses will need to make more regular submissions.PAYE information will need to be submitted to HMRC whenever employees are paid, instead of just once at the end of each tax year.
RTI Key Dates
March 2011 - Technical specifications issued by HMRC.
October 2011 - Test system made available by HMRC.
April 2012 - Pilot submissions start.
October 2012 - Pilot submissions complete.
October 2013 - All employers start submitting RTI.
What information will you be sending in RTI?
HMRC requires the following submissions from employers:
Employers Alignment Submission (EAS) – this is generally for larger business with 250 employees or more.
Full Payment Submission (FPS) – submit this every time you pay your employees.
Employer Payment Summary (EPS) – use this to notify HMRC of reductions to totals already submitted, or if no payments are due.
National Insurance Verification Request – enables you to validate an employee's national insurance number (or request one if you don’t have this information).
RTI Benefits
Introducing RTI will increase the frequency that PAYE information is received by HMRC. This will help businesses:
• Improve the accuracy of data and deduction calculations. • Reduce the number of bills & repayments sent by HMRC after the end of tax
year.
RTI will also help streamline existing processes by:
• Removing the need for the end of year return (P35, P14 and P38A)• Simplifying employee starting and leaving paperwork by removing the need
for P46 forms.
RTI - how can AccessPay help you?AccessPay has a continuous involvement in the development of HMRC RTI with Bacs.
Our Bacs Approved Software is fully RTI compliant, so we take care of all our customers’ Bacs RTI submissions.
Why choose AccessPay payroll software?
• No hidden costs – you won’t have to pay for any upgrades.• We’re 100% cloud-based, so no hardware or legacy solutions to manage.• Bank-grade security for your peace of mind.
RTI PROCESS
AccessPayCEC Winchester - Crawford Place,259-269 Old Marylebone Rd,LondonNW1 5RA
Thank YouAny Questions?
Tel: +44 (0) 203 282 7152Email: [email protected]
Website: www.accesspay.com