As a business owner, you are probably very familiar with the PAYE system, and the annual procedure of sending your PAYE data to the tax man after each tax year. However, there is a new system coming into practice by October 2013, and it’s called RTI.
RTI stands for Real Time Information, and it will replace PAYE as the way of submitting payroll information for your business. RTI data will be submitted online every time the payroll is run. The data submitted must also be clean, meaning that Employee names, dates of birth, and correct national insurance numbers must all be present. It is very important that this data be completely accurate, and corresponding to the data on the Tax Office computer. If it isn’t, the submission may fail, and your business could receive a fine.
So make sure that you are ready for the new RTI system. Our dedicated team of accountants can help you manage the transition from PAYE to RTI. For more information, please contact us and we will arrange a one hour no obligation consultation to discuss all of your accounting and financial planning needs. Also you can follow us on Twitter, Facebook and Google+. Additionally, you can keep reading our daily blogs.
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