How has RTI affected your business?
It has been almost a year since HMRC introduced Real Time Information (RTI), and HMRC have now released a new report claiming most employers’ experience of the transition to RTI reporting has been very positive.
Some of the main issues and concerns raised by businesses when HMRC first announced RTI were surrounding the additional cost and time it would take to comply with the legislation.
According to HMRC RTI has successfully reduced the time and cost spent running payroll for most businesses.
69% of businesses that participated in the report said PAYE took the same or less time since the implementation of RTI. According to the report, the mean average number of hours spent on PAYE was less under RTI than it had been previously (1.6 hours vs. 2.6 hours).
Complying with the legislation didn’t necessarily lead to increased costs, with 72% of businesses saying that RTI had either reduced or made no difference to the cost of running payroll.
Despite initial fears over such a major change to payroll, 70% of employers have found RTI easy to deal with, with 87% being confident that their businesses had done everything it had needed to do to ensure compliance.
How have you found the transition to RTI? Has it had a positive or negative effect on your business?
IRIS helped almost 30,000 businesses prepare for RTI with a range of solutions including compliant payroll software, free guides, health checks, training and support. If you are still struggling to comply, why not look at IRIS Payroll Basics, free RTI compliant payroll software?