In less than 12 months’ time, the PAYE system will undergo its biggest shake-up since it was introduced in 1944, with the launch of Real Time Information (RTI).
Under RTI, employers will have tell HM Revenue & Customs (HMRC) about tax, national insurance contributions and other deductions at the same time as they pay their employees, instead of waiting until after the end of the tax year.
Employers will start using RTI between April 2013 and October 2013, with all employers brought on board by October next year. HMRC will notify employers around a month before they are expected to “go live” with RTI.
Existing clients of our payroll services will feel minimal impact from RTI. Our specialist payroll service is fully equipped to deal with the new filing requirements, although it will be crucial that payroll clients inform us as soon as possible of any new employees, providing:
- their name, correctly and in full
- their date of birth
- their address, including postcode
- their national insurance number
- their P45 or P46
Without this information, it will not be possible to pay them.
For businesses still dealing with their payroll in-house, JW Hinks offers a fast, efficient, cost-effective alternative to struggling to keep on top of payroll issues, including the extra work created by RTI.
For businesses already outsourcing payroll, we believe our fees will compare very favourably with any existing arrangements, so for more information, please contact us.