Real Time Information - what is it?
by Startacus Admin
Real Time Information - what is it?
Here at Startacus we don’t like getting overly serious too often - after all there are plenty of other sites out there that dot the i’s and cross the t’s. However on this occasion we thought best to address the little beast that is Real Time Information. And before you all shout “what is that?”, you better start reading, as Real Time Information affects SME’s* based in the UK and their payrolling processes...
Since 1944 when the Pay as you Earn (PAYE) was first introduced (in the midst of the 2nd World War may we add - fairplay Government department!) there have been very few major changes to 
the processes applied to operate PAYE as a company.
However as of the 6th April (yes, it’s already kicked off!) your business* will need to submit PAYE information to HMRC every time you pay your employees. Hence the rather aptly named Real Time Information, or RTI for short, which is the new and improved system for reporting PAYE.
This will mean that as an employer - whether you do it directly via your accounts department, accountant, or online accountancy services...you will need to send HMRC information each time you pay an employee and will have to use payrolling software that will send all of this info to HMRC as part of the overall payroll process.
Now before you assume that you have plenty of time to get your house in order, HMRC has already set down the gauntlet by warning that non compliant businesses can expect to face fines if they ignore the changes.
*Notice the asterisks included in this article - we ain't no trained accountants! We are just the messengers after all! We have however found a few decent sites, links and a rather (albeit long) HMRC video to help you along the way.
Personally speaking, if you don’t use accountants, or online accountancy services the most obvious place for all the RTI information you require is the HMRC website itself. They also include a rather handy tick-box PDF which we have attached here.
We have also updated the Finance section of the Startacus toolkit to include the HMRC video on reporting PAYE in real time. Here’s the link.
The guys over at SAGE have produced a free white paper guide on RTI which you may also want to take a look at.
Also if you are starting to panic and would rather an accountant or online accountancy service dealth with all the detail, changes and small print, both SAGE and Crunch might be worth a look.
And if you need more info on tax basics for the self employed - check out this article on...Tax basics for the self employed!
So, good luck if the PAYE changes apply to you and your business and please feel free to comment via the forum with any feedback you have on the changes to date.
If you like what you see here on Startacus and want to get involved yourself, why not become a member of our growing community by joining for free here!
Subscribe to our newsletter
If you would like to receive our startup themed newsletter, full of the latest startup opportunities, events, news, stories, tips and advice, then sign up here.
London-based StateZero Labs, the world’s first dedicated Blockchain Lab for startups, will be opening its doors to six selected startups as part of its first cohort in January 2019.
Twigdoo offers a lead management service for businesses - a service which engages and converts leads whilst providing a high quality sales experience
Artomatix - The Dublin based startup that's using AI to help 3D artists create...
The startup that helps media companies to leverage user context data without exposing personal data...
IGO Adventures organise a series of multi-disciplined, physical challenges in some of the world’s most spectacular & remote wildernesses. Now they are looking to raise investment.
The no-bullshit-business coach and founder of consultancy firm RenOC, Karen Kwong, shares her top tips for getting your business back on track in 2019.
SpareFare - The online platform and marketplace which enables people to sell their non refundable flights, holidays or hotels.
Bidooh, the world’s first facial analysis, digital billboard software platform on the blockchain, agrees contract to roll out 10k real-time digital advertising screens in South Korea
Currently in private beta, Claimer wants to be app for R&D tax credits helping businesses to easily get money back from their R&D spend.
Launchpad, the innovative, post-graduate incubation and acceleration programme developed by Falmouth University in Cornwall, are on the hunt for their next cohort...
Published on: 7th April 2013
If you would like to enable commenting via your Startacus account, please enable Disqus functionality in your Account Settings.
- Blockchain lab for startups StateZero Labs to offer £50k equity-free 15th Nov 2018 London-based StateZero Labs, the world’s first dedicated Blockchain Lab for startups, will be opening its doors to six selected startups as part of its first cohort in January 2019.
- UK scaling startups sort for Upscale Tech Nation programme 5th Nov 2018 UK-wide scaling startups take note! This free programme, care of Tech Nation is aimed at further accelerating the growth of your business.
- Chancellor’s ‘little extras’ will not undo 8 years of cuts to public services, says TUC 29th Oct 2018 Commenting on the 2018 Budget Statement, which set out the government’s spending plans up to 2024, TUC General Secretary Frances O’Grady had this to say...
- NI Propel Pre-Accelerator countdown begins 26th Oct 2018 If you are an early-stage startup or entrepreneur based in Northern Ireland, you better be quick if you want to apply for the next IGNITE lead Propel Pre-Accelerator programme.
