Real Time Information (RTI) is the biggest change to Payroll since 1944. It means that employers in the UK will now have to submit PAYE data every month, rather than at Payroll year end.
The switch over is effective for most businesses from April 2013, with all employers needing to change to RTI by October 2013.
John Hinckley, an Accounts Product Manager at Xperience Group, comments on the introduction of an RTI enabled payroll software. “With RTI only one year away, it’s the right time to start thinking about moving to RTI enabled software. Here at DMC Software, we are best placed to offer support, implementation, and guidance, for any business looking at implementing RTI enabled software. Our Sage 50 Payroll experts can guide you through the switch, and offer advice about prepping your employee data, with vital information about the switch.”
New from Sage, Sage 50 Payroll RTI Edition includes features to help businesses transition to RTI. Whilst the 2012/13 version of Sage 50 Payroll offers RTI compliance, the RTI edition is better prepared to help a business switching over.
Included in the RTI Edition is a new RTI Centre, providing all the support and help required in a centralised location – making it easy to identify and resolve any compliance issues. A large part of a successful RTI process is accurate submissions to HMRC. To help keep track of submissions, Sage 50 RTI Edition features a Submissions Log where all submissions can be recorded.
Find out more about Sage 50 Payroll RTI Edition here>>>
Please note: It is very important that employee data is up to date before the switch over. Information such as dates of birth and national insurance numbers must be correct, as incorrect information will result in incorrect Tax calculations, and your business being submitted to a HMRC compliance check.