Published on Friday, November 30, 2012
A very small number of specific organisations will have already been informed by HMRC of a later migration date, which will still happen before October 2013. With only 5 months left until the deadline date, and high volumes of anticipated Bacs implementations required, businesses need to ensure that they avoid any last minute rush or disruptions to their business. Kindly confirm whether your Bacs software is RTI-compliant and if not, make the necessary arrangements well in advance of the April deadline date.
HMRC has recently published information about specific circumstances where employers will be allowed extra time to send real time PAYE information to HMRC. In April, all UK employers will start sending PAYE information in real time, 'on or before' the date the payment is made. The benefits of this mean that:
In summary, employers will have up to 7 days, or the next routine payday, to report when:
There will also be extra time to report payments of benefits and expenses subject to Class 1 NICs but not taxed under PAYE. These can be reported the next time the regular payroll is run, or 14 days after the end of the tax month the payment was made in - whichever is earlier. Notional payments can already be reported to the same timescale.
Bottomline Technologies HMRC RTI Updates is an ongoing series about the new HMRC RTI initiative that is being implemented in the UK. As and when new information emerges, an update email will be mailed to those registered to receive them and a new blog posted on the Bottomline Technologies website.
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