Categorized | matt's blog

First we had GTi, then SRi – and now RTi

When I first heard about the new RTi that gets released in April, I immediately went to Parkers guide online and found out what my car is worth. According to all reports, the RTi was going to be a revolution in how you interact with your staff and there would even be a penalty for being slow? Incredible, an actual penalty for being slow and it’s all thanks to the RTi. I’m going to get one and wave at all the people in the middle lane, as I give them a fly-by on the M1.

Sadly, this story does not end with a happy ever after.

It turns out the RTi is a “Real Time Information” system developed by the Inland Revenue, so your company  can inform  them every month about your PAYE details. This is going to be mandatory from 6th April 2013 and all of the information must be logged online. In principal, this all sounds like a great improvement. After all, it means I can login to my PAYE agents account and add new employees and delete leavers from a client’s company record. I’m quite happy about this as it means we can forget all about forms, such as a P45, P46 and even the year-end P35.

Here is what this means in a real-life scenario.  Every month, you or your Accountant must provide HMRC the following information. (This is according to the HMRC website)

  1. How many hours you have worked
  2. How much you have been paid
  3. How much tax has been deducted

Have a look more closely at point number 1. I am not going to delve into the obvious part of point number 1 and I shall leave that with you. For those of you that can spot the correlation between points 1 and 2 – well done, you can carry on as you were.

For those of you that can’t, stay in the middle lane and try not to cause an accident.

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