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Real Time Information (RTI) – An Accountant’s View

22nd Feb 2012
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Over the last few months I’ve had the opportunity to talk to a number of Accountants about the changes to Real Time Information for payroll (RTI) and what it means to them.

So, what is Real Time Information?

Real Time Information (RTI) is a HMRC initiative to improve the accuracy of PAYE, reducing the need to send out corrections for overpayment or underpaying and the possibility of fraud.

Under RTI employers will be required to submit information electronically to HMRC on or before they pay their employees instead of just once a year.

What has been clear to me is that there is a clear divide between people who think RTI is a good thing and those that don’t but one thing for sure is that almost all see it as just another compliance aspect they need to deal with on top of  Self-Assessment, iXBRL, Financial and Payroll Year End for their clients.

Use RTI to strengthen your business

Some Accountants I’ve talked to are looking at RTI increasing the time and administration of running a payroll and considering whether they need to increase costs but could this be counterproductive in that you may trigger some clients to look elsewhere.

Other forward thinking Accountants are looking at RTI positively in turning around their viewpoint that payroll is a loss leader but a great client acquisition tool in their business today into an opportunity to drive more clients into their business.

Whatever you think and feel about RTI, there is one thing that I would recommend that you do; communicate with your clients, let them know RTI is coming, let them know what it means to them and tell them not to worry about it. With the support of both yourselves and Sage inspire confidence that we have RTI covered.

Get ready for RTI ahead of the crowd

I’m a typical male who always leaves things to the last minute, but if I had the chance to get RTI Ready before most other practices I would jump at the chance. Well, if you want to get your practice and your clients Payroll RTI Ready before April 2013 you can.

You and your clients have the fantastic opportunity to not only be RTI ready but also help shape how HMRC and Sage provide on-going help and support.

Register now

If you are interested simply click RTI Pilot Registration and we will be in contact soon.

In my next blog I will be talking more about Sage’s plans to make the transition into RTI as simple and seamless as possible, but in the meantime you can find more information about RTI and we are doing on our website at www.sage.co.uk/rti

Neilson Watts – Sage Payroll Expert

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