Real time information: the calm before the storm?

SOUTH PETHERTON, U.K. - May 29, 2013 - PRLog -- Leading South West accountancy firm, Albert Goodman, is urging businesses to check that their HMRC Real Time Information (RTI) account matches the business’ own records.  

RTI, HMRC's flagship project for modernising the PAYE system, went live on 6 April 2013. Affecting every UK employer, RTI replaces the annual submission of PAYE and NI returns, with an electronic submission every time employees are paid.

Matt Portt, Payroll Manager at Albert Goodman, says, “Employers will have now submitted at least one return under RTI and will probably feel reassured that their payroll software has provided them with a successful submission confirmation.

“However, we are warning businesses that this confirmation of submission is not proof that HMRC have correctly processed your submission and are expecting you to pay the same amount that they believe to be due. Through our membership of the Chartered Institute of Payroll Professionals, we have several confirmed instances where HMRC's system does not match the reports produced by the employer's payroll software. Fuelling the problem, HMRC's helpline staff have no access to the information submitted, only the amount they believe to be due!”

Payments for the first tax month under the new regime were due by 22 May so now is the ideal time for businesses to check their HMRC account matches their own records. This can be achieved by logging into the PAYE section of the HMRC website using the government ID and password.

If you have any concerns over RTI or your PAYE and NI payments then you should consult your accountant or a member of the Albert Goodman payroll team on 01935 423667.

Albert Goodman has offices across the region including Taunton, Chard, Yeovil, Bridgwater, Weston-super-Mare and Weymouth. For further information, visit www.albertgoodman.co.uk.