Top Tips on RTI for SMEs
Back in April 2013 HMRC introduced Real Time Information (RTI) PAYE reporting, a new system designed to improve the accuracy of returns while ensuring employers such as yourself are paying the correct amount of tax.
Unlike in the previous system whereby you would submit an end of year return to HMRC with the full tax liability of each employee, under RTI PAYE reporting you're required to submit information to HMRC regarding employee pay and deductions each time a payment is made – unless you employ fewer than fifty employees and some are paid more frequently than once a month.
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