Insurers underprepared for RTI
Published on 15th June 2012 by William Guy
A recent study conducted by Xafinity Paymaster has found that only a small portion of insurance firms are ready for Real-time Information (RTI).
Only 11 per cent agreed that the industry will be prepared, while 46 per cent said they will not be able to deliver RTI on time and 43 per cent do not know.
Changes to PAYE accounting to HM Revenue & Customs (HMRC) mean that information about payments will need to be made every time an employee is paid, instead of at the end of the year. For pension and annuity providers this could involve daily reporting.
Brian Please, Business Development Manager for Insurance at Xafinity Paymaster, said: “We can expect a very bumpy ride as insurers and HMRC rush to try and meet the RTI deadline, which also coincides with the implementation of the first wave of auto-enrolment.”
He warned that payroll, payroll software and service providers are all considering how they can absorb and deliver change in the narrowing timeframe.