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Real Time Information (RTI)
RTI (Real Time Information) is a new system that HMRC has introduced since April 2013 to collect PAYE Information on a regular basis to ensure that all deductions are accurate, resulting in individuals paying the correct monies to HMRC throughout the year.
WHAT DOES THIS MEAN FOR ME AND MY COMPANY?
It will be necessary for every company to ensure that all their employee data is correct and has been verified against an official document.
Also, it is necessary for a Full Payment Submission (FPS) to be submitted for each period that a payroll is run. If there are any Statutory Payments made in that period then an Employer Payment Summary (EPS) must also be submitted.
HOW CAN QUICKPAYE AGENCY HELP ME?
We at Quickpaye Agency Ltd are experienced professionals who can run your payroll for you, and take care of all necessary compliant RTI submissions.
We are fully trained in this process and our software is fully RTI compliant, so do not stress about it, just contact us without delay so that we can get all the correct procedures in place for you today.
ARE THERE ANY POTENTIAL ISSUES TO BE AWARE OF?
It is fundamental to the new system that the returns are submitted both “on time” and “right first time”. The process for correcting mistakes is not straightforward and if the return is incorrect then this may trigger enquiries from HMRC which are likely to extend far beyond PAYE compliance. It is therefore most important to review the payroll reports once it has been processed so that we can ensure the submission represents “your final answer”!
WHAT SHOULD I DO NOW?
Speak to us at Quickpaye and we can ensure that your payroll will be compliant in time and we can also review and identify the types of late changes or possible errors that might affect your existing payroll, and then put systems in place to prevent them happening.
Please call Quickpaye Agency on 0208 959 0099 to arrange a no obligation meeting.
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