Wednesday 21 March 2012
Real Time Information (“RTI”) payroll reporting is being phased in on a trial basis from April 2012, with all employers required to comply on a phased entry basis from April to October 2013. The rationale for the introduction of RTI is to improve the operation of PAYE and to help support the introduction of Universal Credits.
It was announced in today’s Budget that the Government will consult before this summer on powers to facilitate the provision of information required and on a new model for PAYE late payment and late filing penalties ahead of the main rollout in October 2013.
Matthew Hunnybun, Tax Partner at KPMG commented:
‘This indicates a much more proactive approach to compliance by HMRC. Employers need to introduce and revisit policy, processes and software changes to collate the required information into a single place in advance of RTI implementation.”
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For further information please contact:
Judith Dow, KPMG Corporate Communications
Tel: 0207 694 8584 Mobile: 07786 197 718 Email: judith.dow@kpmg.co.uk
KPMG Press office
Tel: +44 (0) 207 694 8773
About KPMG:
KPMG LLP, a UK limited liability partnership, is a subsidiary of KPMG Europe LLP and operates from 22 offices across the UK with over 11,000 partners and staff. The UK firm recorded a turnover of £1.7 billion in the year ended September 2011. KPMG is a global network of professional firms providing Audit, Tax, and Advisory services. We operate in 152 countries and have 145,000 professionals working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. KPMG International provides no client services.
