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REAL TIME INFORMATION

REAL TIME INFORMATION

At The Accountancy solutions we can fully manage your weekly and monthly payrolls, ensuring that your employees are paid on time and receive the correct salary. We can cater to hourly pay requirements as well as set daily pay, ensuring that your payroll is always up to date and that the correct payments are scheduled to your requirements. Our expert team can also take care of your required RTI submissions, ensuring that the HMRC is given real time updates as and when your employees are paid.

REAL TIME INFORMATION EXPLAINED

Real Time Information (or RTI) is a recently introduced way in which PAYE can be reported to HMRC. The system is designed to accommodate the changing needs of today’s employees who often change jobs or have more than one job. By law, employers are now required to submit details about their PAYE payments online to HMRC each time a payroll payment is made on either a monthly or weekly basis. RTI was designed for the following purposes:

  • To reduce the burden on HMRC and employers alike by removing end of year returns
  • To simplify the process of staff starting and leaving work
  • To improve the accuracy of PAYE for individuals
  • To enable more effective pursuance of late payments
  • To reduce errors and frauds in the Tax Credits system

Advice for Real Time Information

As an employer, managing RTI and PAYE can be time consuming. While it is possible to deal with it yourself, this can be challenging since HMRC’s software cannot produce payslips, handle deductions or deal with pension contributions. You will therefore need to invest in payroll software that is RTI compatible. Alternatively, you can use a qualified accountant to handle RTI and PAYE on your behalf. As an experienced accountancy team, The Accountancy Solutions can ensure that all financial information is accurately submitted to the HMRC to meet your obligations, freeing you up to focus on your business needs.

HMRC have started sending out penalty notices for inaccurate or late RTI submissions. In order to avoid such penalties employers should demonstrate their efforts to comply with their RTI reporting obligations. At The Accountancy Solutions, our payroll department can help you with

  • Weekly and Monthly RTI reports
  • Payroll integration with your accounting software
  • Penalties Appeals and Presentation

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