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Introducing Real Time Information
After the introduction of the Agency Worker Regulations in October 2011, we were busy preparing for Real Time Information (RTI), with direct support from HMRC (as part of their pilot scheme) to make sure that we submit the correct data in the correct format.
Here's some information about what RTI is and what it means.
They saw no obvious difference as we did all the work for them. Since HMRC now have their full year employment history, they should never pay too much tax again.
One of the biggest challenges for us was the data cleanse project which ensured that all of our contractors, paid in 12/13 tax year, had correct personal details in the required HMRC format. Our payroll and reporting systems had to be tailored to capture the additional fields required for RTI that were not previously declared under the year-end processes. Our reporting and submissions had to support the complications that surround contractors' irregular payments such as multiple payments made in the same pay period and bulk payments covering multi-pay periods, all of which have to be declared in the RTI submission.
Our main implementation costs came from having to upgrade our Bacstel-IP software to support the BACS cross references (Hash) which allows HMRC to corroborate the data returned against the payment made to the individual in preparation for Universal Credits.
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S. Murray-Hession, Venn Group