What is Real Time Information (RTI)?
RTI is the biggest-ever change to PAYE. A new and improved way of reporting, it is designed to make PAYE submissions more efficient meaning employers will need to submit information to HMRC in real time, every time employees are paid.
From PSC's perspective, for the most part, the first full year of RTI was a success. With such a fundamental change to the tax system, there were bound to be problems , but we are glad to report that HMRC have been supportive in resolving issues throughout the inception of RTI.
Recent figures from HMRC show that 93% of employers and 99% of PAYE records across the UK are now being submitted accurately and on time. The good news for businesses who have struggled with RTI is that HMRC have taken the decision to stagger the implementation of RTI penalties. They have stated that they will only charge interest on in-year payments that are not received on time from April and that late filing penalties have now been deferred until October '14 allowing some businesses breathing space to organise their RTI affairs.