Introduction of Real Time Information (RTI)

You may have received a letter recently from HMRC regarding the introduction of the new Real Time Information (RTI) scheme which is to be introduced from April 2013. RTI will affect all employers who have a PAYE scheme, We are fully aware of the new scheme and if we currently process your payroll then we will inform you of the changes that we will need to make to how we process your payroll closer to next April when the scheme goes live. For the moment there is nothing extra that you need to do.

What is RTI 

Real Time Information (RTI) is the biggest change to PAYE since its inception in 1944 and it has been introduced to keep HMRC more up to date with all employee payments as they happen rather than at the end of the year as we do now, this means HMRC can be more efficient with the issue of tax codes and universal credits. 

How will RTI affect your payroll 

RTI will require an electronic submission to HMRC of payroll information every time you make payments to your employees, We will undertake this on your behalf as part of the normal payroll service. However it is likely that We will require additional employee information from you that forms part of the submission, again we will contact you nearer the time when the changes are introduced.

 

If you currently process your own payroll you can download a free sage guide here for more help http://ktcselby.co.uk/Pdf/SAGERTI.pdf

Or for more information you can go to the hmrc website here :
http://www.hmrc.gov.uk/rti/index.htm

If you require more help, or if you currently process your own payroll and wish for ktc to start processing this for you when the scheme goes live you can contact our offices on
01757 706706  and we will be more then happy to help in anyway possible.

Tax Return Deadline !

The deadline for tax returns to be submitted to hmrc is looming, if we currently do not have your books and records please make sure we have them a.s.a.p so we can complete your tax return ontime by the 31st January deadline.