Real Time Information is a new initiative introduced by HMRC in April 2013 to help streamline the process of payroll for all businesses. In this blog our Payroll manager Julie Mason explains what it means for SME’s and what you should be doing now to prepare.
Key points from the video are:
- If you have less than 50 employees, DON’T PANIC. The RTI compliance deadline has recently been extended to 6th April 2014 for smaller employers.
- Even though the deadline has been extended, look at putting proceedures into place now. Keep on top of your employee data and PAYE liability payments and prepare for the changes well in advance.
- Look at outsourcing your payroll function if you feel it is going to be too difficult to keep on top of.
How are you finding the transistion to RTI? Have you encountered any issues, and what would be your top tips for overcoming them? Leave a comment below, we’d love to hear from you!