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.
Participants in Catalyst’s Co-Founders programme offered opportunity to avail of a £10,000 proof of concept grant from Techstart to help validate their business idea.
Atoa announces pre-seed funding for its solution to empower and improve cash flow for independent, small and mid-sized UK retail merchants.
 Tong Gu, Reem Mobassaleh Wyndham and Monik Pham.jpg)
Pact launches its first £30M fund to back early-stage European tech startups using technology for economic inclusion, well-being and climate solutions.
Paris-based startup Immortal Game uses blockchain technology to add a new dimension to the most played board game in the world.
Co-Founders seeking people with innovative ideas and desire to create startups that could change the world for its 2023 programme.
Marketers - want to turn shoppers into customers this Black Friday? Marietta Chatzidiakou, Senior Content Consultant at Digital Ethos shares some tips on how to do just that.
Data from more than 500 companies reveals the core health of SaaS startups and assesses how European companies have performed relative to American counterparts.
The lowdown on Symphony, the startup that'll give you a front row seat to enjoy the finest live performances by some of the most famous orchestras in the world...
.png)
SeedLegals, the leading legal automation platform for startup funding steps into backing blockchain marketplace in carbon-neutral deal.
The lowdown on Boxlist, the AI-powered social network aiming to be your new go-to place for discovering TV and film recommendations across all streaming services.
Published on: 7th April 2013
If you would like to enable commenting via your Startacus account, please enable Disqus functionality in your Account Settings.
- Catalyst and Techstart offering startup co-founders the chance to win £10k proof of concept grants 30th Nov 2022 Participants in Catalyst’s Co-Founders programme offered opportunity to avail of a £10,000 proof of concept grant from Techstart to help validate their business idea.
- UK fintech Atoa secures $2.2M pre-seed round as it kills Visa and Mastercard fees for businesses 24th Nov 2022 Atoa announces pre-seed funding for its solution to empower and improve cash flow for independent, small and mid-sized UK retail merchants.
- Female-led Pact Launches £30m Seed Fund 24th Nov 2022 Pact launches its first £30M fund to back early-stage European tech startups using technology for economic inclusion, well-being and climate solutions.
- Catalyst's Co-Founders programme opens for applications 23rd Nov 2022 Co-Founders seeking people with innovative ideas and desire to create startups that could change the world for its 2023 programme.
