Real Time reporting is here…
What does it mean?
From Friday, all payroll information must be reported to HMRC in real time. This means submitting electronic reports as part of the normal payroll procedure.
The reports are processed in the same was as your payroll year end and give HMRC the information to accurately issue amended tax codes throughout the year. It will also ensure your employees do not over or underpay their Tax & NIC contributions. These submissions must be made for every time you pay an employee, regardless of their pay frequency.
Click here for more information on operating PAYE in real time.