Housewares Business-to-business magazine for housewares retailers and their suppliers
An advertising campaign heralding the biggest overhaul of the PAYE system in almost 70 years was launched this week by HM Revenue and Customs (HMRC).
The new PAYE reporting system, known as Real Time Information (RTI), will be introduced from April, with employers reporting each time they pay their employees, rather than yearly. The aim is to reduce administrative burdens for employers by around £300 million every year.
Ruth Owen, HMRC’s Director General Personal Tax, said: “Winston Churchill was Prime Minister when PAYE was introduced. Little has changed in the system in about 70 years and it no longer fits the needs of a modern workforce.
“RTI will improve the operation of PAYE for employers, HMRC and employees. Feedback from employers in the pilot is that reporting PAYE in real time is easy.
“Now is the time for employers to act, including ensuring all employee information is correct and up to date. All the information they need is on our website.”
A range of RTI software is available, including free software for micro businesses with nine or fewer employees. A range of support is also available for employers, including webinars, YouTube video, face to face events and online interactive sessions, including Twitter Q&As.
More information on RTI can be found at hmrc.gov.uk/rti.
