Time is running out to ensure your payments software is RTI-compliant!
HMRC RTI becomes mandatory in 2013 and a Bottomline payments solution will 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 do you ensure you are ready for HMRC RTI?
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.
HMRC successfully began piloting the 'interim' solution in April 2012. It is expected that migration en masse will commence in early 2013, with most companies of 50 or more employees expected to be submitting by April 2013. Smaller (<50 employees) and some very large employers will have until October to migrate. HMRC intend to introduce penalties for failure to comply with RTI regulations.
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.
Albany's latest solutions are RTI-compliant and will enable the submission of the RTI cross-reference in your payroll submission to Bacs. ePay payments solutions ensure that your money gets to the right place, at the right time, in the most cost-effective way.