Real Time Information change for UK employers
Paycheck Plus delivers services to clients throughout Ireland, the UK and all over the world. This means we always stay on top of changing requirements in different jurisdictions. Many of our clients who have staff in the UK will be affected by the upcoming Real Time Information change.
What is Real Time Information?
Real Time Information fundamentally changes the way in which employers and pension providers send information about PAYE to HRMC. Going forward, PAYE and National Insurance information must be sent every time Payroll is run, not just annually. Real Time Information not only transforms the reporting procedures, but it also means that employers will have to report all earnings, and not just those above the Lower Earnings Limit. The system to implement Real Time Information is currently under-going testing, with approximately 1600 companies going through the process at present. This will gradually scale up over the coming months. By October 2013, every employer will be legally obliged to be part of Real Time Information. Failure to implement Real Time Information could lead to employees not receiving the correct tax information. Employers could also be in breach of statutory obligations and, therefore, liable to penalties. Paycheck Plus are managing this Real Time Information changeover for our UK clients as part our UK Payroll services.
If you have UK employees and are not a Paycheck Plus customer, talk to us today (e-mail or call us on +353 (0)41 6863000) and see how using Paycheck Plus to process your UK payroll can ensure you are fully compliant with all legal requirements, including Real Time Information.