The industry is currently preparing for what is probably the biggest overhaul of the UK’s tax system – the introduction of Real-Time Information (RTI).
From April 2013 this legislative modernisation to PAYE means details of pay, tax, National Insurance Contributions (NICs) and other deductions, must be submitted to HMRC on a payroll-frequency basis, rather than at the end of the year.
Designed to reduce the number of reconciliation payments and deductions that HMRC will have to carry out, this should mean employers and employees avoid the under/overpayment of tax. RTI will also ensure a clearer understanding of the UK’s employment status and trends.
The impending introduction of RTI has caused quite a stir within the world of payroll, employment and taxation. However changes are taking place within this environment all the time, which is why Cascade’s development team ensures the fully-integrated HR and payroll software is always one step ahead of industry updates, legislative or otherwise.
RTI is regarded by Cascade as simply another step at the end of the payroll process, which the software will guide users through when the time comes, and as always clients will have complete confidence in the accuracy and relevance of the figures they are submitting.