If your business has employees, you've probably already heard about Real Time PAYE.
Also called Real Time Information or RTI, it will require you to submit payroll information to HMRC every single time you run payroll.
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Real Time PAYE software
Real Time PAYE comes in for most businesses from 6 April. If you outsource your payroll, then just make sure your payroll provider is fully prepared for RTI, and check if they need anything from you to get ready.
If you run payroll in-house, then it's inportant you're using payroll software or a payroll cloud computing service that can send your Real Time PAYE information to HMRC.
You need to use software because HMRC will only accept Real Time PAYE information sent over the internet.
Here are four reputable software packages that are ready for Real Time PAYE and can help you get prepared:
- Sage One Payroll. This easy online payroll system lets you log in online to run payroll and perform RTI submissions for up to 15 employees. Prices start from £5 a month and include 24/7 support in case you need help getting started.
- QuickBooks Payroll is traditional software you install and use on your computer. It's currently on offer at £22 a month, but that includes payroll for up to 99 staff plus fully-featured accounting software.
- BrightPay is another payroll tool you can install and run on your computer. It's a good option for small companies as it's free to run payroll for up to three staff. Get unlimited employees for £89 - make sure you order the 2013/14 version for RTI functions.
- Moneysoft Payroll Manager. It ain't a pretty website, but MoneySoft will get the Real Time PAYE job done for you. You'll pay £56 for the basic package, allowing you to run RTI payroll for up to 20 staff.
How prepared do you feel for RTI? Leave a comment to let us know.