Are you ready for Real Time?

April 2013 sees fundamental changes to the way in which employers and pension providers must report PAYE. Under the new Real Time Information (RTI) system, employers and pension providers are required to submit information to HMRC regarding deductions they have made for PAYE, NICs and student loans when or before each payment is made, rather than at the end of the year.

RTI is being phased in from April 2013, with all micro, small and medium–sized businesses and most large employers and payroll bureaux set to begin sending payroll information to HMRC in real time from this date.