RTI is upon us
We've been talking about this for months now, and the date is finally upon us all. From April 6th, HMRC now requires Payroll information to be filed when you pay your staff, in real time.
Our last release introduced a new workflow for 2013/14 Payroll, so hopefully you've all had a chance to try this out. This release contains the final piece of the puzzle and enables you to file PAYE information through to HMRC as a RTI submission.
How does it work?
The new workflow for submitting payroll data to HMRC works like this:
- Creating Payroll Profiles for staff on your payroll
- Run Payroll once a month to create payslips
- Submit PAYE information in real time (RTI) to HMRC
When you Run & Report Month 1 Payroll you'll be asked to enter your Government Gateway credentials. Do this and we'll file the payroll information with HMRC - and that's all you need to do.
You'll be taken back to the Month 1 Payroll screen where you should see the payroll submission as Pending, and then Filed! And that's you for another month!
If you're still feeling a bit skittish about the whole thing then make sure to take a look at our Getting ready for RTI guide. It'll give you the lowdown on RTI and information for Limited Companies, Sole Traders and Partnerships.
Until next time,
Roan and the team at FreeAgent
- Video: an introduction to VAT by HMRC
- You deserve better: why you need to break up with your spreadsheet
- Simple ways to save yourself future Self Assessment stress
- Making Tax Digital consultation response published
- Not feeling (a) fine? You might have a ‘reasonable excuse’ for not completing your tax return