So, hands up for RTI then, anyone? Anyone? No? Well that's understandable. According to a recent survey by Sage UK you're one of a majority of those who haven't heard; the research revealed that three quarters of small UK businesses have no idea what it is.

What is RTI then? It stands for Real-Time Information and is HMRC's new brainchild set to improve the Pay As You Earn (PAYE) system.

According to the HMRC website, the introduction of the new Real-Time Information system will mean: “Employers will send HMRC information about tax and other deductions from employees pay when, or before, they make the salary or wage payment to the employee, rather than sending returns at the end of the year.”