Payroll professionals lead way on RTI
The payroll professionals’ industry body has showcased the new system for reporting employee’s pay and tax details that will affect all businesses next year.
Exchequer Secretary David Gauke visited the Solihull offices of the Chartered Institute of Payroll Professionals (CIPP) on 18 July see its payroll department send its first Real Time Information (RTI) submission.
RTI will require employers and pension providers to tell HM Revenue & Customs about PAYE payments at the time they are made – rather than at the end of the year.
A pilot scheme began in April 2012, with most employers required to report payroll information in real time from April 2013 and all employers doing so before October 2013.
Mr Gauke said: “RTI is the single biggest innovation in the administration of the tax system since PAYE was brought in after the Second World War. Its introduction will remove admin burdens from businesses of around £300 million each year.”
LINK: RTI information
For more information, contact Baines Jewitt on 01642 632032