If you're just setting up, we can help you get registered as an employer and set up a payroll system for you. Even if you’ve been running your business for some time, as your agent we can still take the load off your shoulders. We'll make sure that the Income Tax, National Insurance and other payments and deductions of each of your PAYE employees are calculated correctly and on time. All your expenses and benefits reports will be taken care of, and we'll prepare the P60s of all your employees each year.
When you're setting up a payroll, you need to account for every single person you employ, regardless of how much or how often you're paying them. If they earn over a certain amount, you'll need to operate a PAYE system, which means calculating and deducting their income tax and national insurance. Then this has to be reported as Real Time Information (RTI) to HM Revenue & Customs every time you pay them.
You will also need to consider student loan payments, national living wage rates, sick pay, maternity pay - the list can seem endless. We can set up and manage an entire payroll system for you that will:
Calculate the Income Tax, National Insurance contributions and other payments of each member of PAYE staff, so you can pay HMRC the correct amounts each month.
Calculate the Employers’ National Insurance contributions.
Make RTI (Real Time Information) compliant submissions to HM Revenue & Customs for every payment you make to an employee.
Prepare and submit the final payroll report and expenses and benefits report to HM Revenue & Customs each year.
Prepare the P60s of all your employees each year, and P45’s where necessary.
You will need to register as an employer with HMRC.
You will need to pay your staff through a payroll system, deduct tax and National Insurance for most of your employees and handle student loan repayments, pension contributions, sick pay, holiday pay, maternity leave, etc.
You have to let HMRC know when a new employee joins or their circumstances change.
You must ensure you pay your staff on, or above, the National Living Wage.
Usually, you'll have to pay Employer’s National Insurance contributions to HMRC as well.
Employers running payroll must pay their PAYE bill to HMRC by the 22nd of the month. You will most likely incur interest and penalty charges if you don’t pay on time.
You have to send your final payroll report (Full Payment Submission) at the end of the tax year, including telling HMRC about any expenses or benefits.
You will need to update employee payroll records at the beginning of each year, identifying the correct tax code for each person.
By the 31st of May each year, you have to give a P60 to all employees (who were working on the last day of the tax year). This summarises their total pay and deductions across the whole year.
By the 6th of July you have to submit a report to HMRC on all expenses and benefits (includes Form P11D for each applicable member of staff).