Real Time Information (RTI) – 4 weeks to go!

There is now less than four weeks to go until RTI is introduced. Employers with less than 5,000 employees will be required to report under RTI requirements from their first payment date after 6 April 2013.

RTI is a new system that will modernise the reporting of employees’ and pensioners’ pay and tax details. Employers and pension providers will be required to provide information about tax and other deductions to HM Revenue & Customs (HMRC) each time an employee is paid. The RTI reporting scheme will eliminate the current end of year reporting system.

Employers should have already completed a data capture and cleansing exercise to ensure that all employee data held in their payroll is complete and accurate. The first RTI submission will align employee’s data with the information held at HMRC therefore it is important that the data provided by the employer is complete and correct.

HMRC recently announced they were launching “RTI Week” for this week. RTI Week will include a RTI Twitter question and answer. To take part or ask a question, follow @HMRCgovuk and use hashtag #RTIqa. During RTI week HMRC have also said they will launch a marketing campaign which includes radio adverts, national newspaper adverts and an online campaign. The aim of their campaign is to encourage employers to act now and ensure all processes are in place for the introduction of RTI from April.

If you have any RTI queries or would like more information on this area please contact Neil Cameron, Payroll Manager by email to payroll@chiene.co.uk or call 0131 558 5800.