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The clock is ticking: RTI is only three months away

Her Majesty’s Revenue & Customs has kicked their Real Time Information awareness scheme into high gear, now that it goes into effect in just three months.

In the first substantive change to the PAYE taxation system ever, firms will soon have to send tax information to HMRC every time one of their employees receives a payment from this April, and the taxman has been wasting no time in making sure businesses know that their payroll requirements are soon to change. The new system will see PAYE returns sent to HMRC electronically, requiring all employers to adopt the use of specialised payroll software in order to comply with the new regulations.

Employers have a few steps they must follow prior to the new rules going into effect, starting off with a visit to the taxman’s website in order to peruse detailed information regarding the Real Time Information rules. This info includes tips on preparing businesses and strategies in avoiding the mistakes HMRC feels will be the most common ones for firms to make.

The most important investment that the taxman recommends is new, up-to-date payroll software to ensure the changeover in April goes off without a hitch. Another important tip is to ensure that your firm’s employee data is completely accurate and perfectly up to date, or employers will encounter all sorts of problems with the new RTI scheme.

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