Business News
PAYE becomes Real Time for 2012
In a bid to make time saving solutions and minimise the headache for payroll departments and business owners, the Real Time Information (RTI) system looking to come into effect in April 2012 will change the way PAYE is conducted.
The move will look to scrap the use of P35, P14, P45 and P46 forms to provide information on salary and pay, instead transmitting the information in Real Time every time an employee is paid. Hopefully, this will make life easier for business owners, enabling them to get it right and avoid fines and penalties for involuntary and unknown systematic errors.
The head of JC Payroll, Nick Butler from James Cowper’s dedicated payroll bureau commented;
"This is a sensible decision from HMRC and will be a relief to many business owners. Together with the notifications from HMRC that already exist when a late payment is made, businesses now have every opportunity to avoid substantial and unexpected year-end penalties."
