Real Time Information will be phased in from April 2013. This will require you to report details of your employees’ earnings, tax and NI each payday so that the Taxman can collect the PAYE due directly form your bank.
The idea of the Taxman taking PAYE from you, rather than waiting to be paid, sounds like something worth avoiding, but the bad news is that it will be compulsory. Although it wont be fully functional until October 2013, RTI has already been successfully tested on a handful of employers since April this year. Now the taxman is taking a step towards early implementation for some businesses.
As always here at R. M Rahim & Co. we will be prepared well in advance with the latest software to comply with this. Any questions or queries you may have in regards to RTI please Contact Us