Don't Panic over Payroll!
So... your great business idea has been really successful and you need to start employing people. Becoming an employer does not have to be ridiculously complicated but you do need to do certain things.
One of those things is to run a Pay As You Earn (PAYE) scheme and to make sure you pay appropriate Income Tax, National Insurance and pension payments on behalf of your employees.
Put very simply you need clear records of what you have paid your employees – eg wages, tips, sick pay, maternity pay - and what you have paid to HMRC for them – eg Income Tax, National Insurance, student loan repayments. You also need to keep on top of your employees’ tax codes and to keep records of eg taxable benefits your employees might receive.
You must keep all your records for all least three years in case HMRC want to check you are doing things correctly.
Software does exist to help you with all of this but if you are now starting to panic, it may be worth considering what we could offer you.
What do we do to help?
We take the pain out of the process!
We open PAYE schemes with HMRC to allow employees to be paid and process weekly, fortnightly and monthly payroll for clients ranging from the sole director/employee size company upwards. All our payroll processing is conducted electronically (except for employee payslips that are sent out to you in the post) so you can be sure that your business is complying with its reporting requirements.
Our software enables us to comply with the HMRC regulations on Real Time Filing (electronic submissions of payroll data on/before the date of each payroll run).
Each month we will send you a report that will show what your employees have been paid, the PAYE and employee’s national insurance that has been deducted from their wages (if any) and the employer’s national insurance that you have paid. We produce end of year P60 forms for all employees too.
As well as all this we are also equipped to help out with the new Workplace Pension legislation and this is now a key part of our payroll processing.
We provide advice on key areas such as SSP, SMP, SPP and the minimum wage changes.
It’s as simple as “1,2,3” to us… why not give us a call?