RTI could curb millions of reconciliations October 2011
Posted date: 19 October 2011
Real-Time Information (RTI) could reduce the number of reconciliation payments and deductions that HM Revenue & Customs (HMRC) needs to carry out.
Around seven million people are to be affected by the latest annual settlement of tax payments, with approximately six million due to receive a rebate and a further million owing money.
RTI, which is set to be piloted from April 2012, will mean that individuals’ payments are matched every time they are paid, helping to ensure that they do not under or over pay tax.
Currently discrepancies occur due to people having more complicated tax affairs, for example people with two jobs or more, and those who may have additional elements which are taxable, such as company cars.
HMRC is now checking its records to ensure that they are up to date and that any unreconciled documents are resolved. It intends to complete this process by December 2012.
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- October 2011
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