My name is Sam and I’m a procrastinator.
I would forgive you for labelling this a bold statement, perhaps even a career limiting one. However, I would suggest that only through acknowledgement of our deficiencies do we avoid becoming victims of them; sitting in our underwear playing video games.
I acknowledge that during my weaker moments I’ve been known to replace high priority tasks with those activities from which I derive pleasure. I acknowledge that sometimes I won’t do today what can feasibly be done tomorrow. I acknowledge that I prefer personal amusement to household chores. Shame on me, but, regardless of any protestation..I’m not the only one.
In June 2010 HMRC announced that they would begin consultation with employers on the subject of the frequent gathering of PAYE data through a monthly interface. We didn’t know it yet, but, Real Time Information (RTI) was being born. Rather than waiting for annual submissions or the passing of multiple “P forms”, an electronic submission would be made tying together the records of employees using key identifiers. This would enable HMRC to keep closer tabs on submissions with more data than ever being shared.
Over the two years that followed some plucky volunteers (Capgemini being one) pioneered the monthly submission of payroll data to HMRC. Everyone had questions:
“What’s the method of submission?”
“Will it eliminate the need for yearend activities?”
“Will it result in the abolishment of the ubiquitous p45?”
Flash forward, and we are now months away from HMRC once again consulting employers, only this time, it’s to inform them when they should switch. Perhaps the largest question is yet to be asked:
“Are we ready?”
According to a KPMG survey conducted earlier this year:
• 63% were not sure they had managed to identify all stakeholders affected by a switch to RTI
• 65% had not considered the financial impact
• 74% had not begun a data cleansing process
• 50% were unsure if their software could cope with the switch to RTI
Like me, many will procrastinate; others will merely be guilty of not fully understanding the importance or effort required. Don’t run the risk of believing that RTI is only a payroll issue and I urge you to ask yourself:
- Do we understand what RTI is and the implications this will have on both our HR and Payroll function?
- What steps do we need to take to get ourselves and our data RTI ready?
- Are our staff clear on the impact of these changes?
- What effect will this have on the rest of our business?
- Can we use this opportunity to make process efficiencies?
If you haven’t yet started asking these questions don’t procrastinate any longer! It’s time to ‘Get Real’ with Real Time Information.
To hear more about Capgemini’s experience around implementing the changes and how we can support you on your own journey, please contact Sam Hurst (firstname.lastname@example.org) or Barbara van der Heijden (email@example.com).