Maybe you are one of the 72% of employers that is unaware of the changes that will happen from April? Do you know what RTI is, and is your business RTI ready?
RTI, or Real Time Information, is HMRC’s new initiative for payroll which will require you to provide information to HMRC every time you pay your employees. This is a huge change from the current requirement to submit a payroll return once a year. There are a couple of scary facts that you probably are not aware of:
- If you deal with your own payroll and you don’t have payroll software you won’t be RTI ready
- If you do everything manually then you will need to get software
- And scariest of all – if you currently use HMRC’s free online submission tool, it won’t be RTI ready
So – make sure you either have payroll software that is RTI ready, or make sure you have someone doing your payroll for you who is aware of – and ready for – the changes.
Starfish Accounting partners with the fab Zest Payroll for payroll services. If you need more information then read their very informative page about what you need to know as an employer. And if you need help with your payroll then drop me a line on [email protected] – don’t leave it too late.
The infographic below from Sage gives you 3 steps to prepare for RTI – every business with an employee will be affected.
This infographic was produced by Sage