Real Time Information Ready?

In April 2013, HM Revenue & Customs (HMRC) is introducing a new way of reporting PAYE: Real Time Information (RTI).

RTI is being introduced to improve the operation of PAYE, making it easier for you, the employer, to operate PAYE. Employees will receive the information more quickly and it will help support the introduction of Universal Credits.

What is PAYE RTI?

RTI will ensure that the PAYE system meets the needs of the 21st century and will make it easier for employers, pension providers and HMRC to administer PAYE. Under RTI, employers and pension providers will tell HMRC about PAYE payments at the time they are made - as opposed to how it is done today, at the end of the financial year.

With the forthcoming HMRC RTI system, employers will be required to send data about PAYE, NIC and student loans every time they pay an employee, rather than just once a year with the end-of-year return. Payroll software will collect the necessary information and send it to HMRC online. All Pegasus payroll solutions* will be ready for RTI in February 2013.
*Opera 3, Opera II and Capital Gold Payroll