Preparing to operate PAYE in real time
From 6 April 2013 employers will have to start reporting PAYE information to HM Revenue & Customs (HMRC) in real time. You may see this referred to as Real Time Information – or RTI.
This means that employers (or their accountant, bookkeeper or payroll bureau) will have to:
- send details to HMRC every time they pay an employee, at the time they pay them
- use payroll software to send this information electronically as part of their routine payroll process
Their index has climbed over the last three months to a positive reading of 12.8 from 4.2 – where anything over zero shows an improvement in business confidence – signalling sentiment is at its highest in almost two years.