PayStream are already prepared for the introduction of Real Time Information (RTI) which comes into force in April 2013 and have been for some time.
What does this mean for your contractors?
Contractors will see no obvious difference as we'll manage this for them. The only difference is that as HMRC will have their full year employment history, so they should never pay too much tax again.
Is there anything your contractors need to do?
The simple answer is no! We have already made the necessary changes to our systems to submit the relevant information to HMRC and unlike other service providers there will be no extra charge for this service.
What is Real Time Information?
If you're still a little unsure of what RTI is then please read our RTI article here. However we know how busy you are so here is an 'in a nutshell' explanation...
RTI is information about Income Tax, National Insurance contributions (NICs) and other deductions which employers will have to provide to HMRC in real time when payments are made, instead of waiting until after the end of the tax year.