Real Time Information - What's been happening?
An update from Mandy Gardiner, Payroll Manager at PW Payroll Solutions Ltd:
Well, we have completed the first month in the pilot scheme for RTI and are well into the second. All the data cleansing we have done with our clients has proved to be invaluable. However the additional time required for the completion of processing payrolls in RTI is significant and you will need to be aware of this to build it into your schedules.
We are still getting updates from HMRC so it is still very much a work in progress. No confirmed news on CIS yet other than RTI does apply to any sub contractor or limited company who has tax deducted from them under CIS. We have been promised an update on this in the new year.
And finally, if you are not sure what the definition of payday is HMRC have provided us with it!!
HMRCâ€™s guidance on actual payment explains that the date of payment is the point when the income comes into the control of the employee so that they are able to deal with it â€śfor their own use and benefitâ€ť.
Bacs payments employers should send the FPS on or before the date of settlement stated on the payment instruction; and
cheque payments employers should send the FPS on or before the date on which the cheque is posted or given to the employee.
Merry Christmas and a Happy New Year to you all.
21 December 2012