Payroll in UK|Online Payroll payment in UK|Payroll paye in UK|Payments to your employee in UK|Payroll Records in UK|HMRC in UK|Payment of Tax & NI deductions to HMRC

PAYROLL IN UK

As an employer, you normally have to operate PAYE as part of your payroll. PAYE is HM Revenue and Customs’ (HMRC) system to collect Income Tax and National Insurance from employment. You don’t need to register for PAYE if none of your employees are paid £112 or more a week, get expenses and benefits, have another job or get a pension. However, you must keep payroll records. Tax month runs from 6^th of one month to the 5^th of the next month. Tax year starts from 6^th of April to the 5^th of April

1.    How does it work?

When paying your employees through payroll you also need to make deductions for PAYE(Pay As You Earn).

Payments to your employees

·         Payments to your employees include their salary or wages, as well as things like any tips or bonuses, or statutory sick or maternity pay.

Deductions from their pay

·         From these payments, you’ll need to deduct tax and National Insurance for most employees. Other deductions you may need to make include student loan repayments or pension contributions.

DEADLINES:

·         Claim any reductions on what you’ll owe HMRC by sending an EPS by 19^th.

·         Pay HMRC by 22^nd (or 19^th if paying by post).

·         Payment of Tax & NI deductions to HMRC remain the same, either on 19^th or 22^nd of the month or quarter following the representing period.

2. Compliance:

   Reporting pay and deductions

     If you run payroll yourself, you’ll need to report your employees’ payments and deductions to HMRC on   or before each payday. Your payroll software will work out how much tax and National Insurance you owe, including an employer’s National Insurance contribution on each employee’s earnings above £155 a week. You’ll need to send another report to claim any reduction on what you owe HMRC, e.g. for statutory pay.

Paying HMRC

 You’ll be able to view what you owe HMRC, based on your reports. You then have to pay them, usually every month .If you’re a small employer that expects to pay less than £1,500 a month, you can arrange to pay quarterly.

3. Cost: Cost for payroll management depends upon the number of employee.

 4.  HOW CAN WE HELP YOU?

We, the Global company formation UK Ltd is a very cost effective business consultancy firm that offers company formation, business consultancy, accounting and taxation services. We have a fully-fledged and experienced team of UK qualified accountants, business consultants and IFAs who will guide you from the formation of your company to running it successfully. We will take care of all your administration, accounting and taxation and you can concentrate on your business domain. To know more about our services and charges log on to: www.globalcompanyformations.co.uk

Contact us: + 44 020 799 359 29

We cover Payroll services in the following places : Redbridge,Southwark,Sutton,Tower Hamlets,Waltham Forest,Wandsworth and Westminster.