More than 70,000 PAYE returns have been submitted to HMRC using real time information (RTI) reporting since the system was introduced earlier this month.
Dubbed ‘the biggest shake-up of PAYE in over 70 years’, employers are now required to submit information about employee pay and deductions to HMRC each time they pay an employee, rather than completing end of year returns.
Here, at Foremans, we have been submitting real time information returns smoothly on a daily basis.
It is hoped that real time information reporting will lead to tax codes being updated more frequently and fewer underpayments and overpayments being made.
The new system is also designed to support the operation of Universal Credit, a new benefit that aims to streamline the current welfare system by replacing five work-based benefits with one.
If you are looking for a payroll service to take the burden of RTI off your hands, contact Foremans LLP on 01244 625 500 for a no-obligation consultation.