All employers and pension providers will have to tell HMRC about salary details, income tax, national insurance contributions, expenses and other deductions when or before the payments are made, instead of waiting until after the end of the tax year. RTI supports the introduction of Universal Tax Credits, which will rely upon up to date real time information about pay and benefits and it is, therefore, imperative from the government’s perspective to have all employers using RTI by October 2013.
During October 2012 HMRC will be writing to all employers regarding RTI.
If they’re not already thinking about RTI, employers, CFOs and payroll professionals need to turn their attention to it. And quickly.