A major change in payroll is set to hit UK businesses in 2013. Real Time Information (RTI) represents the biggest change in payroll since the introduction of Pay As You Earn (PAYE) in 1944.
What is RTI?
RTI is a new system for reporting tax, NI and other details to HMRC. As an employer you will be responsible for all tax deductions and calculations but instead of submitting this data once a year to HMRC, you will be required to return year to date figures at the same time as payment is made to your employees, whether weekly, fortnightly or monthly.
Ensure that your business is up to date with this handy checklist from IRIS Exchequer accounting software.
Infographic Source: IRIS Exchequer
