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Reporting employee pay information in real time

Reporting employee pay information in real time

 

The real time information (RTI) system for reporting employee payments to HMRC is now in full swing, following its full introduction in April this year.

RTI means employers, regardless of size, must report PAYE payments to employees on or before the date of the payment rather than at the tax year-end. This must be done using HMRC-approved payroll software, or via a payroll agent (such as us).

 

High take-up among SMEs and micros

HMRC announced in June that, during the first month of operation between 6 April and 5 May:

·         83 per cent of SMEs used the system

·         77 per cent of micro employers made the switch

·         44.5 million payments were reported

·         83 per cent of reports were made on time (before or on the day of the payment)

Ruth Owen, HMRC’s director general for personal tax, said:

"The roll-out continues to exceed our expectations. I am delighted that 83 per cent of SMEs and 77 per cent of the smallest businesses are already on board. We will now write to the minority of employers who are not, to establish how we can help them meet the requirements of reporting in real time."

 

We can help you report in real time

If you're not already reporting your PAYE payments in real time, or we're not already handling your payroll duties for you, you are at risk of being fined by HMRC.

Call us now on 01628 631056 or email our payroll specialist, Christine Sutton, at christines@knightandcompany.co.uk.

You can also complete our contact form and an adviser will get in touch to discuss your needs.