RTI is huge, it’s here and we can help you and your clients to be fully compliant.
Real Time PAYE reporting is a big deal for employers everywhere. In fact, it’s the biggest change to HMRC payroll legislation since 1944.
As you know, as of 6th April 2013, businesses have to submit payroll information to HMRC every time an employee is paid, whether weekly, monthly or whenever.
This new system means HMRC can see how much PAYE is really payable each month and ensures they get their money on time. In addition, from October 2013, the Department for Work and Pensions will also use the submitted PAYE data to work out Universal Credit.
HMRC is taking RTI seriously and so should you.
RTI can help you grow your practice
RTI’s introduction represents a real opportunity to grow your practice. Here’s how…
- You can help new or existing clients get set up for RTI, ensuring they have the right resources and processes in place – to give some employers more time to adapt to RTI, HMRC has temporarily relaxed the reporting arrangements for small businesses with fewer than 50 employees – the latest updates suggest this relaxation could now be in place until April 2014.
- You can help clients who have missed an RTI deadline get back on track and understand their obligations – HMRC recently noted that although the majority of employers are now reporting in real time, it is writing to those that should be but haven’t yet sent an RTI report.
- You can increase your contact with clients you may have previously only seen annually at year-end – helping them with payroll means you have more regular touch-points with them.
- You’ll be able to view payroll data more regularly, so you can advise clients on how to be more profitable and help them avoid any potentially costly errors.
All kinds of companies could still need your help
Even larger companies who’ve begun RTI reporting may still need your help. Such employers may be unsure about the new system and would welcome your support. In fact, our recent research*, carried out just weeks before RTI’s introduction, found that:
- Almost 60% of employers knew about RTI, yet only 32% were RTI-ready
- Just 32% of sole traders were ready for RTI’s introduction
- 35% of companies didn’t know what they needed to do
- 33% hadn’t acted because they believed they had more time to prepare for RTI
- 31% of businesses with fewer than 10 employees said they weren’t confident that they were RTI-ready
- 15% of business with 10-39 employees also lacked confidence when it came to RTI
There’s one thing these figures tell us – that many of the UK’s 4.6 million micro-businesses are struggling with Real Time PAYE and helping them could also help your practice grow.*Intuit UK national survey of 1,000 PAYE-registered businesses, conducted February 2013
How Intuit can help you make the most of RTI
We understand how daunting the shift to RTI may seem so we’ve created extensive resources to support accounting professionals and small businesses every step of the way.
- Go to www.intuit.co.uk/rti and you’ll find a range of FREE tools, guides, webinars and downloads, telling you everything you and your clients need to know
- We’re happy to answer your questions about Real Time PAYE and our payroll software – just call 0808 168 4273.
QuickBooks Payroll software is RTI-ready and makes it easy to pay staff and send PAYE data to HMRC in a few quick clicks. If you’re a ProAdvisor, your membership entitles you to run payroll for up to 99 of your clients at no extra charge.