Real Time Information (RTI) will be here soon, NOW is the time to act!
The new PAYE system begins from April 2013. If your business is not ready yet, what do you need to do now?
Step 1: If you are a new scheme in 2012/13 register for PAYE on-line filing without delay. It is vital that you do this otherwise you will not be able to send RTI reports.
Step 2: Making an RTI report requires payroll software. If you already use payroll software your software provider should have contacted you. If you do not have software you can:
- Buy RTI compliant software now, Albert Goodman can assist you in selecting a payroll software.
- Obtain HMRC’s free software: the Basic PAYE Tool. Demand is large at the moment and delays have been reported.
- Outsource your payroll operation. Albert Goodman Payroll is a managed service, about which more information can be found on our website.
Step 3: Before you make your first Full Payment Submission you must bring your payroll records up to date.
HMRC is reminding all employers that with your first payday after April 5 you must report details of your employees’ wages, PAYE and NI. Remember the payroll MUST be run ‘on or before’ your employees are paid with a few exceptions.
Time is of the essence, act now!