Real Time Information (RTI)
Much has been written and said about HMRC’s new RTI reporting system. The Institute of Chartered Accountants in England and Wales (ICAEW) are the latest professional body to have their say in its press release issued on 12th November 2012. In it they say that the new requirements are ‘unrealistic and at worst impossible’
The system and its likely impact is outlined in the press release which can be viewed here
When RTI is implemented in April 2013 it will add another layer of administrative burden and costs to employers particularly at the smaller end.
HMRC counters this in its frequently asked questions section on its website
‘RTI reporting will become an integral part of an employer’s normal payroll activity…….There will be transitional costs of introducing RTI but analysis indicates the system will be cheaper for employers and HMRC to operate once it is bedded in’.
It remains to see who is right and who is wrong!
For more information and advice please contact us on 0845 365 1000.