2013-02-13 00:00:00 Accounting and Tax English https://djnx69zjp3mvw.cloudfront.net/wp-content/uploads/2017/01/08220235/RTI-ready-button.png Real Time PAYE – are you ready? Prepare now in three easy steps

Real Time PAYE – are you ready? Prepare now in three easy steps

2 min read

From 6th April 2013, employers must start reporting PAYE information to HMRC in real time, on or before the date they pay their employees.  This is known as Real Time PAYE or Real Time Information (RTI).

Reporting PAYE in real time is mandatory, so will need to happen as part of your routine payroll process from your first payday on or after 6th April 2013.

We understand that changes to legislation can be daunting, so we’re here to support you every step of the way.

RTI ready logo

There are three key steps to preparing for Real Time PAYE:

Step 1. Review your payroll procedures.

When: Now

It’s really important that you know exactly how you will report your payroll information well ahead of the 6th April deadline. Depending on your circumstances, you need to do one of these things:

  • If you already use payroll software, you must check with your provider that your existing version will contain RTI reporting functionality.  They will be able to advise you on the service they will provide in readiness for Real Time PAYE.
  •  If you use a payroll provider (such as an accountant or payroll bureau) you must talk to them now to check they will do the PAYE reporting for you, and to find out what you need to do to get RTI-ready.
  • If you run your payroll in-house, you will need to use RTI-enabled payroll software like QuickBooks Payroll.

2. Prepare your employee data.

When: Now

Improving your data quality is essential for a successful transition to Real Time PAYE.

When you start reporting Real Time PAYE, HMRC will match its records to employee details you provide, known as the Payroll Alignment Process, so it’s really important that the data you hold in your payroll records is complete and accurate.  Make sure you check and, if necessary, update the data for all your employees and pensioners.   Details such as name, date of birth and National Insurance number must be complete and correct

QuickBooks Payroll software includes an RTI Wizard which walks you through this process, quickly identifying where you have missing or inaccurate records, and allowing you to easily export, update and import your edits en-masse.

3. Know where to go for help.

When: Now and ongoing

Try QuickBooks Payroll software free!

Did you know you can try QuickBooks Payroll, our Real Time PAYE payroll software, free of charge for 30 days? No card required! Try it now.

Information may be abridged and therefore incomplete. This document/information does not constitute, and should not be considered a substitute for, legal or financial advice. Each financial situation is different, the advice provided is intended to be general. Please contact your financial or legal advisors for information specific to your situation.

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