R.T.I, or Real Time Information, is HMRC’s new brainchild, allowing them to keep track of how much people earn, how many hours they work and even the date they get paid! Quite simply anyone who employs anybody has to inform HMRC monthly via their e-submissions on what is going on. This information goes right down to how much PAYE they owe, so that HMRC are able to see if you are being good and paying up when you should. So whether you employ casual workers, part-time or full-time, be prepared for next April when it becomes a mandatory part of running payroll. This is going to add payroll administrators’ weekly and monthly workloads, but the plus side is that no longer are the year ends going to be quite as frantic as HMRC will have acquired all the information during the year, and won’t be waiting 12 months to catch up.
Do I think HMRC will be doing compliance checks against records and payments? Yes I do. Big brother is definitely now watching us all one way or another. If you aren’t confident about running payroll with RTI, and you are using Sage, they are running some fantastic webinars at the moment to ease the pain.
Alternatively, drop me a line at katetaylor@huntingdaleconsultancy.co.uk and I will help. After all there is a reason that Perseverance Works is so called…
www.huntingdaleconsultancy.co.uk