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A monthly round-up of the latest developments in financial reporting, audit, tax and law.

This update was first published in the May 2012 UK edition of Accounting and Business magazine.

Real time information

HMRC’s Employer and Agent Strategy Team has provided updates on payroll cleansing in advance of Real Time Information (RTI), FAQs on RTI and legislative links on RTI. The team provides informal highlights as a result of listening to employer feedback and working in partnership with stakeholders. The recent updates are not a surprise as we are now one year’s payroll away from RTI.

There is some concern over payroll data and whether it will be correctly picked up. HMRC is asking employers to make sure the data they hold and provide is correct. They highlight in the support documentation that ‘before joining RTI, employers and pension providers will need to go through a payroll alignment process to help ensure that information on their payroll can be matched efficiently to the correct individual record. Improving data quality is important preparation for a successful transition to RTI’.

As ACCA has previously highlighted, you should ask your payroll software provider if they are ready for the changes and also make sure that there are no changes in the information that you will need to provide them with.
The FAQs have been updated with a number of new questions. These include RTI and BACS, pension providers, student loans and individual employees.

Glenn Collins, head of technical advisory, ACCA UK

Last updated: 3 Dec 2014