Starting a new business? Get 40% off our accountancy services for 3 months! 😀

x

What is Real Time Information (RTI)?

Real Time Information (RTI) was introduced in April 2013, changing the way that employers report PAYE to HMRC. Until that point employers were only required to report the details of employee payments and deductions to HMRC just once every 12 months, at year end.

With RTI in place, employers now submit this information to HMRC each time they make a payment to an employee, no matter how many hours that person has worked. The employee payment information is sent to HMRC using online submissions through payroll software, or using HMRC’s Basic PAYE Tools.

What are Full Payment Submissions (FPS)?

Employers need to report employee payment information to HMRC before or on each payday using a Full Payment Submission (FPS). The FPS tells HMRC about the payments you have made to your employees, as well as the details of any deductions, such as for tax or NI.

Each FPS should include:

Use the same information and payroll ID for employees each time, and these should match what you have already reported to HMRC. This ensures that the correct record is traced to avoid any errors.

You should also include extra information in your FPS about any new employees or leavers, or if you start to paying an employee a workplace pension.

Although a FPS is submitted every time a payment is made, the final FPS of the tax year will include a declaration that it is the final payment of the year.
 
 
managed payroll services

When should I send an Employer Payment Summary?

An Employer Payment Summary (EPS) is another type of RTI submission.

About The Author

Karl Bilby

We work very closely with our expert accountants to bring you the latest factually correct tax and accounting news. We also enjoy writing about small business news that we hope you find useful!

More posts by this author
guest
0 Comments
Inline Feedbacks
View all comments

Read more posts...

June 2022 Client of the Month: Manea Kella

This month we spoke to Adrian Manea, architect and director at Manea Kella, a London based RIBA Chartered architecture and interior design…

Read More

Succession Planning for Business Owners: What Comes Next?

When you own a business, it’s extremely normal to feel like you’re surviving one day to the next – ‘winging it’, as…

Read More

The Accountancy Partnership – Our Positive Reviews

Here at The Accountancy Partnership, we’re proud of our customer reviews The reviews we receive from our customers show how hard we…

Read More
Back to Blog...

Confirm Transactions

The number of monthly transactions you have entered based on your turnover seem high. A transaction is one bookkeeping entry such as a sale, purchase, payment or receipt. Are you sure this is correct?

Yes, submit my quote
No, let me change it

Please contact our sales team if you’re unsure

VAT Returns

It is unlikely you will need this service, unless you are voluntarily registered for VAT.

Are you sure this is correct?

Yes, the business is VAT registered
No, let me change it

Call us on 020 3355 4047 if you’re not sure.

Bookkeeping

You only need this service if you want us to complete the bookkeeping on your behalf.

Would you prefer to complete your own bookkeeping?

Yes
No

Call us on 020 3355 4047 if you’re not sure.