What is Real Time Information (RTI)
In April 2012 HM Revenue and Customs (HMRC) began the phased introduction of Real Time Information (RTI). The Income Tax (Pay As You Earn) Regulations 2003 (PAYE Regulations) were amended to reflect reporting in real time. Under RTI, information about tax and other deductions under the PAYE system is transmitted to HMRC by the employer every time an employee is paid. Employers using RTI are no longer required to provide information to HMRC using Forms P35 and P14 after the end of the tax year, or to send Forms P45 or P46 to HMRC when employees start or leave a job. Since April 2014 all employers have been required to report in real time with 1.9 million schemes covering 48 million employees now reporting through.
How can we help?
Abacus is fully equiped with the latest state of the art software system provided by SAGE. The accounting team is fully learned and expert in all intricacies of the RTI legislation thus enabling the team to correctly file the PAYE with RTI.