PAYE Real Time Information – Is your business ready?

PAYE Real Time Information – Is your business ready? In a recent survey by the Federation of Small Business (FSB) a quarter of small businesses were still unaware of forthcoming changes to the way information for PAYE will be collected. Real Time... More

PAYE Real Time Information – Is your business ready? In a recent survey by the Federation of Small Business (FSB) a quarter of small businesses were still unaware of forthcoming changes to the way information for PAYE will be collected. Real Time Information (RTI) is due to come into force from April 2013, and will see a new way for businesses to report PAYE information. Rather than sending PAYE information in one go at the end of the tax year details will have to be provided every time a payment is made, at or before the time it is made. Whilst 16% of businesses said they were fully aware of RTI a further 60% still had not received any communication from HM Revenue & Customs. FSB national chairman John Walker said “With only six months until RTI is due to be implemented, the FSB has real concerns that not enough businesses are that it is just around the corner.” He added “There are a number of steps that a business must complete before it can provide RTI to HMRC so it is critical that Less