HMRC’s New Introduction Real Time Information-RTI Makes The Payroll System More Simple
Real time information-RTI is a system for NI, tax reporting and some other details to Her Majesty’s Revenue and Customs. It’s a duty of every employer to submit all pay, tax calculations and deductions weekly, fortnightly or monthly to the HMRC. Previously all employers needed to pay P14 and P35 but since the introduction of RTI, there is no need of that and HMRC can track all legislative processes in the real time. Individual’s tax deductions throughout the year become more accurate by using RTI. It is very easy to have the track record for both employers and HMRC. It is easy to record that starting and leaving process of the employees.
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