With UK’s RTI, employee details that are usually submitted to the HMRC (HM Revenue and Customs) at the end of a tax year e.g. details like the date of birth, address and national insurance number, must be provided every time an employee gets paid.
From regular payroll - monthly or weekly - to whenever bonus, overtime, and commissions are paid or whenever an option is exercised or shares vest, returns must be filed on or before the actual date of payment.
* RTI comes into effect fully from October 6, 2013.
* Currently, the HMRC is running a pilot with 10 employers but the HMRC has power to add any employer to the pilot at any time i.e. employers must be ready now.
* The HMRC states 250,000 employers are expected to implement RTI between November 2012 and March 2013.
* For employers with workforce in the UK, new software may be needed to cope with the multiple return requirements.
* Clear compliance procedures and communication channels must be set to ensure UK payroll department receive the information timely.
* Processes must be set to ensure that your UK employee database is clean and ready for RTI.
For more information on this topic email firstname.lastname@example.org
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