Categorized | news

Real Time Information PAYE pilot programme continues

Time marches on, and so does Her Majesty’s Revenue & Customs with its pilot programme to institute its Real Time Information PAYE system.

HMRC announced recently that its pilot scheme, launched this past September, is steaming ahead, and is poised to run to 31 March of next year. 250,000 workers will be testing the radical new PAYE changes that will see employers sending PAYE data electronically to the taxman each and every time an employee receives a pay cheque instead of just once at year end, with HMRC stating that the changes will save around £300 million in administrative costs on an annual basis.

Ruth Owen, personal tax general director for HMRC, commented on the pilot programme, remarking that so far it is working as planned and is coming along nicely. When the pilot began this past April, it only had 10 employers participating, while now thee are more than 1,800 engaged in the scheme, all of which are submitting real time PAYE returns to the tune of nearly 2 million employee records, Ms Owen added.

The general director has warned firms that they only have until April 2013 to institute any needed changes to their infrastructure in order to accommodate the RTI system, which includes updating payroll software and ensuring that all employee records reflect accurate information. However, despite Ms Owen’s exhortations as many as 25 per cent of the nation’s small and medium sized businesses may still lack any knowledge of the RTI scheme’s existence, according to one provider of payroll software.

Be Sociable, Share!

More on this topic: Tags: , ,

Print This Post

Leave a Reply

You must be logged in to post a comment.

  • Switch Accountants for FREE

    Switch Accountants for FREEAt K&B Accountancy Group we have introduced a simple and straightforward approach to changing accountants. We’re offering contractors, consultants and freelancers the opportunity to switch to K&B Accountancy Group for FREE without the need to pay for any ‘catch up’ or retrospective accountancy fees for the previous year’s accounts and corporation tax return* *T&Cs apply

our top 5 twitter posts

twitter

contractor accountants

contractoraccts



twitter Join the conversation
Free Telephone Advice