Tue, 28 Aug 2012
One in three small businesses are not aware of the changes Real Time Information (RTI) will bring to the PAYE system, according to research from Sage.
Of 1,100 UK SMEs quizzed only 64% said they were aware of the changes that come into force for all employers in April next year.
Neilson Watts, associate product manager at Sage, says that although he has seen increased awareness of RTI over the last year, it is still concerning that many businesses are not aware of their obligations.
“We urge that firms act now to not only understand exactly how it will impact their businesses but to adequately prepare for the changes coming into play,” he said.
Watts says that RTI will benefit businesses by streamlining processes and relieving the administrative burden of year end.
When RTI is introduced next year it will require employers to start providing employee PAYE, National Insurance and student loan information to HMRC at the point of payment every month, rather than only at year end.
On 4th October Sage, in association with Payroll World Live, will be hosting a free webinar answering your RTI questions. To sign up and find out more visit www.payrollworld.com/content/live
- 'Staggering' lack of RTI awareness among SMEs
- Last minute RTI new starter change
- HMRC issues final RTI reminder