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Are you ready for HMRC Real Time Information (RTI)?
Time is running out to ensure your payroll operation is RTI-compliant!
RTI becomes mandatory in 2013 and McLintocks Payroll Solutions Team can provide the answer to help you make the transition with a minimum of fuss. 92% of employees receive their salaries through the highly secure Bacs channel, making Bacs the ideal method for submitting Real Time Information (RTI) to HMRC.
So how can you ensure you are ready for HMRC RTI with McLintocks?
Know what HMRC Real Time Information is?
RTI will enable HMRC to collect information about tax and other deductions each time employers run their payroll – and will be mandatory by October 2013 when Universal Credit is introduced. This is different from the current PAYE system, where employers assign employee tax codes during the year before submitting this information at year end.
Know when it is happening and what’s involved?
HMRC successfully began piloting the ‘interim’ solution in April 2012. It is expected that migration en masse will commence in early 2013, with small and medium businesses making the transition before the end of April 2013. HMRC intend to introduce penalties for failure to comply with RTI regulations.
Know how it affects your business?
Employers will now submit tax data along with their payroll run – whether weekly, fortnightly or monthly – rather than at year end and some software upgrades may need to be made. Employers must ensure that their payroll and payments solutions are able to support RTI.
Know where to get compliant – McLintocks Outsourced Payroll Solutions Team
McLintocks Outsourced Payroll Solutions Team are RTI-compliant and will enable the submission of the RTI cross-reference in your payroll submission to Bacs. We ensure that your staff’s wages gets to the right place, at the right time, in the most cost-effective way whilst ensuring you are compliant with the legislation to avoid potential penalties.
How can we help now to ensure employers are prepared for these RTI Law changes?
The main question asked of us by employers is “What does my firm have to do now?”
We will help to ensure that you are not underprepared by helping:
- Data Cleanse – submit employee data to HMRC before RTI is live so HMRC can correct inaccurate or incomplete data
- Improve and Maintain Data Quality – Make sure you obtain dates of birth, use full names and include addresses when employees are entered on your payroll
- Our Payroll Software is RTI compliant – We can deliver on Real Time Information
- Banking – Our BACS facility is ready for RTI
For a no obligation chat with our Payroll Specialists, Jeanette Roberts and Annie Sharp, please call 0845 680 700.
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