Real Time Information (RTI) is a payroll system that enables UK employers to submit PAYE records to HMRC every pay cycle, rather than annually. This change modernizes the payroll process, allowing for greater efficiency and improved compliance. Employers are still required to calculate PAYE deductions, such as National Insurance and Income Tax, but the new system alleviates the burden of submitting extensive records once a year. Managed Payroll Services can offer support in this process, handling calculations, submissions, and ensuring compliance with regulations.
RTI in payroll stands for Real Time Information- the process of submitting PAYE in real time. It replaces submitting payroll records at the end of the tax year.
Processing your payroll using RTI means submitting your employee's PAYE records each pay cycle, not just once a year, enhancing efficiency and compliance.
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