OpenBooks/FreeAgent is now RTI ready

From 6 April 2013, our preferred Cloud-based bookkeeping supplier, IRIS OpenBooks (FreeAgent) supports real time (RTI) filing of PAYE data to HMRC.  Yet another reason to choose this online bookkeeping system for all your business needs.

What is Real Time Information for PAYE?

From April 2013, every time an employee salary payment is made, information will have to be sent to HMRC, at the time the payment is made (or before), using software to send electronically.

Options to submit returns electronically include: use of a Payroll Bureau, such as one operated by Goddard Solutions; HMRC’s own basic online tools (for businesses with less than 9 employees); and now, submission through an existing OpenBooks account.

Who will be able to use FreeAgent/OpenBooks for payroll?

For businesses with a maximum of 2 directors on modest salaries, and no other employees, then FreeAgent/OpenBooks is likely to be sufficient to support your Company’s obligations under real time (rti) filing.  For larger businesses, and those with other employees, please talk to us about our Payroll Service.

And how does it work?

Within OpenBooks (FreeAgent) submitting payroll data to HMRC works as follows:

  1. Create Payroll Profiles for staff on your payroll
  2. Run Payroll once a month to create payslips
  3. Submit PAYE information in real time (RTI) to HMRC

When you Run & Report Month 1 Payroll you’ll be asked to enter your Government Gateway credentials. Do this and the payroll information is automatcially sent to HMRC.

You’ll be taken back to the Month 1 Payroll screen where you should see the payroll submission as Pending, and then Filed! And that’s you for another month!

For further help

If you would like further help in getting ready to operate under RTI then please contact Dawn on 01786 880873/