On 6 April 2013, HMRC introduced a new way of reporting PAYE; Real Time Information (RTI). RTI was introduced to improve the operation of PAYE, making it easier for you, the employer to operate PAYE. RTI will help support the introduction of Universal Credits.
As of 31 July 2013, HMRC has received over 10 million PAYE submissions in real time since 6 April 2013.
The RTI Data Validator checks that there are no errors in the employee data you hold which will cause an issue with your RTI submissions. The RTI Data Validator is available for Opera 3 and Opera II Payroll customers for £100 plus VAT. Customers - complete the order form and send it to your Pegasus Partner for processing.
Take 10 minutes to watch the Pegasus RTI overview delivered by a Product Specialist.
Download our free PAYE Real Time Information Guide to Understanding to find out more.
All Pegasus payroll solutions* have HMRC RTI and PAYE Recognition 2013/14.
"Real Time Information means that employers and pension providers tell HMRC about PAYE payments at the time they are made as part of their payroll process. Payroll software will collect the necessary information and send it to HMRC online." HM Revenue & Customs
RTI will ensure that the PAYE system meets the needs of the 21st century and will make it easier for employers, pension providers and HMRC to administer PAYE. Under RTI, employers and pension providers will tell HMRC about PAYE payments at the time they are made - as opposed to how it is done today, at the end of the financial year.
With the HMRC RTI system, employers are required to send data about PAYE, NIC and student loans every time they pay an employee, rather than just once a year with the end-of-year return. Payroll software will collect the necessary information and send it to HMRC online. All Pegasus payroll solutions* cater for RTI.
HMRC regularly update their website.
*Opera 3, Opera II and Capital Gold Payroll