In April 2012 HM Revenue & Customs (HMRC) started a pilot scheme for PAYE – RTI (Real Time Information).
The aim of RTI is to improve the accuracy of PAYE, submitting information electronically to HMRC every time employees are paid, instead of submitting it at the end of the tax year using the P35/P14. P11D’s and P60’s will still be required.
It will be compulsory for most employers to start using the RTI service in April 2013, and all employers must be using the service by October 2013. Using an Employer Alignment Submission to HMRC the following information will be required at set up:
- Full name including any middle names
- Date of birth
- Full postal address
- National insurance number
- No of hours worked
In spite of the scheme being a pilot, there are strong indications that the full scheme will go ahead anyway. Accordingly, GBM Accounts have requested to be a part of the pilot scheme, from November 2012. We will be submitting information from three selected employers who have given us their permission to do so.
For further information please click here.