From 6 April all employers will have to start reporting payroll information to HMRC in real time. The changes, know as RTI (real time information), will mean businesses having to keep much more accurate and up to date records of employee information. The new system has been described by Accountancy Age magazine as ‘the biggest change for payroll since the introduction of Pay As You Earn (PAYE) in 1944’.
Who will it affect?
The changes will apply to all businesses that pay staff on
a PAYE basis in the UK, regardless of size. This also includes owner managed businesses and other small
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What must companies do?
Companies will need to send details of employees’ pay and deductions to HMRC using payroll software every time employees are paid. This could be weekly, fortnightly or monthly, depending on the company. Employers will also need to have accurate employee information in order to set workers up for RTI. This includes:
- Full
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name
- Home address
- Date of birth
- NI number
- Gender
The advice from HMRC is to check these details against official documents, such as a birth certificate, passport, driving licence or other official document.
As part of the regular RTI submission companies will also need to report all starter and leaver information. This may actually ease the administrative headache for businesses as they will no longer
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be required to submit end-of-year P35 and P14 forms to HMRC. In addition, there will no longer be any need to send
part 1 of the P45 form or P46 form to HMRC, as this information will already have been captured by the new system. However, leavers will still need to receive a P45.
In the past, businesses have used form CA6855 to check NI numbers. This will no longer be used after 6 April. Instead the company’s payroll
software system should be used to issue a NI number verification request (NVR).
Dry run
HMRC ran a pilot programme among some employers, pension providers and IT firms in the run up to the introduction of RTI. Very few problems were reported and the consensus among those users was that reporting in real time was relatively straightforward.
Business Comment
The Federation of Small Businesses (FSB) believes that, once RTI has been implemented it will save companies considerable sums in administration costs – estimated at up £300 million – as they will no longer need to complete an end-of-year tax return.
However, the federation also recently called on the government to allow small businesses to submit returns monthly, rather than weekly or fortnightly, in an effort to ease the transition to the new system. This was unsuccessful and has not affected the 6 April start date. In reality, businesses will not suffer any penalties for late reporting until 2014.
Government strategy
Real Time Information is a key element in the government’s Universal Credit benefit reform plans. The system will provide an extremely accurate picture of everyone who is in work
at any given time, together with their earnings and deductions.
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The expectation is that this will ensure a more consistent approach to tax and benefits for both employers and workers.