Payroll professionals lead way on RTI
The payroll professionals’ industry body has showcased the new system for reporting employee’s pay and tax details that will affect all businesses next year.
Exchequer Secretary David Gauke visited the Solihull offices of the Chartered Institute of Payroll Professionals (CIPP) on 18 July see its payroll department send its first Real Time Information (RTI) submission.
RTI will require employers and pension providers to tell HM Revenue & Customs about PAYE payments at the time they are made – rather than at the end of the year.
A pilot scheme began in April 2012, with most employers required to report payroll information in real time from April 2013 and all employers doing so before October 2013.
Mr Gauke said: “RTI is the single biggest innovation in the administration of the tax system since PAYE was brought in after the Second World War. Its introduction will remove admin burdens from businesses of around £300 million each year.”
Lindsay Melvin, chief executive of the CIPP, said: “Our experience on the RTI pilot has gone very smoothly and it has given us the confidence and practice to report our PAYE data in real time going forward.
Link: RTI information
Magee Gammon will be holding a FREE seminar on 11th October about RTI and how it will affect you and your business – to book a place please contact Lee Trice 01223 630000.