As we've talked about before on the blog, from April HMRC will introduce big changes to the way payroll information is reported. The good news is FreeAgent has it covered and we wanted to give you a further update on our progress.
Real Time Information (RTI) comes into effect from April 2013, and will mean big changes to the way businesses report information to HMRC regarding payment of their employees.
For FreeAgent users this means we’re completely overhauling our existing payroll system, improving our underlying engine and properly supporting student loans. Finally, we’ll enable Real-Time Information (RTI) filing of payroll data directly to HMRC.
How will it work?
The actual workflow of payroll will change a fair bit, and you’ll see the first changes released in the next month or so. We’ll support this change with plenty of helpful information on the knowledge base, so you’ll be well prepared for the April switchover. For now we've put together a quick primer on the scope of our new Payroll functionality.
In the meantime, if all this talk of government legislation and initiatives has got you excited (get help now btw) then you can find out more about RTI in this no-expense-spared video by the HMRC or on their website.
Finally, if you haven’t registered for a Government Gateway ID or PAYE Online then you'll need to do this to file RTI.
Until next time,
Roan and the team at FreeAgent
- Video: VAT accounting schemes explained by HMRC
- Cough up! A practical guide to getting paid on time
- Hello FreeAgent, goodbye bank holiday envy!
- Team FreeAgent runs for Mind
- Business basics: how to price your freelance work