Planning for real-time information (RTI) reporting of payroll data to HM Revenue and Customs (HMRC) has begun in 86% of organisations, according to a survey by KPMG.
Its survey of 42 large businesses in the UK found an increase in the number of organisations preparing for RTI since March this year when a similar KPMG survey found two-thirds of firms were planning for RTI reporting, which becomes mandatory in April 2013.
The survey also found some actions that are recommended by HMRC when planning for RTI are being carried out by a small number of organisations including conducting a payroll data cleanse. Only 21% of firms said they had carried this out.
The survey also found:
- 65% of respondents have not considered the cost of RTI to their business.
- 44% said they were confident that their current payroll could cope with RTI’s requirements.
Steve Wade, director at KPMG, says: “With RTI becoming mandatory from next April, employers really do need to start implementation. If their employee data is up to date, they don’t operate multiple payrolls, have a low turnover of staff and their payroll provider is ready, the transition may be very smooth.
“But if this is not the case, they may well need to do some housekeeping before next April to reduce the chance of HMRC rejecting their data submissions and possible imposing penalties.”
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