HMRC is seeking views on draft amendments to the PAYE, NIC and CIS regulations in readiness for the introduction of ‘real time information’ (RTI).
Regular collection and submission of information ‘may lead to improvements in the timeliness and accuracy of payments from employers to HMRC during the tax year’, HMRC said in an impact assessment.
‘The availability of RTI data is expected to lead to Exchequer savings from reduced fraud, error and overpayments in tax credits. The latest estimates of these savings were published in Budget 2011: £395m in 2014/15, and £355m in 2015/16.’
A technical note published on Monday, alongside a consultation on modernisation of the administration of personal tax, said the phased introduction of RTI would begin in April 2012 with a small group of employers who have agreed to take part in an ‘initial pilot’.
Subject to the success of that pilot, HMRC will seek to increase the number of employers joining RTI during 2012/13.
All employers will be required to submit information using RTI from 6 October 2013, the department said.
‘In addition, HMRC will have the option to require employers to submit RTI returns before that date, by issuing a direction. HMRC envisages that employers who are not in RTI during 2012/13 will be required to join RTI from April 2013.’
Further guidance for employers is provided on the HMRC website.
HMRC is seeking views on draft amendments to the PAYE, NIC and CIS regulations in readiness for the introduction of ‘real time information’ (RTI).
Regular collection and submission of information ‘may lead to improvements in the timeliness and accuracy of payments from employers to HMRC during the tax year’, HMRC said in an impact assessment.
‘The availability of RTI data is expected to lead to Exchequer savings from reduced fraud, error and overpayments in tax credits. The latest estimates of these savings were published in Budget 2011: £395m in 2014/15, and £355m in 2015/16.’
A technical note published on Monday, alongside a consultation on modernisation of the administration of personal tax, said the phased introduction of RTI would begin in April 2012 with a small group of employers who have agreed to take part in an ‘initial pilot’.
Subject to the success of that pilot, HMRC will seek to increase the number of employers joining RTI during 2012/13.
All employers will be required to submit information using RTI from 6 October 2013, the department said.
‘In addition, HMRC will have the option to require employers to submit RTI returns before that date, by issuing a direction. HMRC envisages that employers who are not in RTI during 2012/13 will be required to join RTI from April 2013.’
Further guidance for employers is provided on the HMRC website.
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