09/10/2013
What is RTI?
RTI (Real Time Information) is a major change made to the UK PAYE system since its introduction in 1944.
Instead of reporting your payroll to HMRC at the end of every year, you will be required to submit payroll information every time you pay an employee.
There are many benefits that RTI will bring:
• Make PAYE more accurate for individuals, over time reducing the number of over and underpayments of tax.
• Support the payment of Universal Credits which will soon replace the current Tax Credit scheme.
• Reduce Tax Credits errors and fraud.
And Finally did you know that?
• 5 million tax payers receive a repayment or bill every year
• It costs HMRC an estimated £2.5 billion to collect tax each year