Does your payroll / PAYE liabilities reconcile?
Do you know the difference between the National Wage Limit and the Living Wage Limit?
Do you know the calculation of SSP, SMP, SPP?
As an employer, it is important to keep a list of your employees. Therefore, detailed payroll records must be kept for all payments and deductions made to your employees. They should also, include details of any expenses paid. Most employers must operate PAYE and make the correct deductions for Tax and National Insurance. Once your payroll has been run a report must be sent to HMRC on or before each pay day. After submitting your report, you must ensure you pay HMRC your Tax and National Insurance on time. Furthermore, having kept accurate records should make your year end reporting process a lot smoother. All records should be kept for 3 years from the end of the tax year reported.
In addition, from an accounts perspective, payroll is crucial as paying employees and mandatory taxes can drastically affect the net income of your company.
Finally, please be aware you must follow the rules on data protection if your business stores or uses personal information.
How can we help?
- Calculate and process payroll and comply with HMRC RTI.
- Provide detailed payslips.
- Handle all pay related issues such as P45’s etc.
- Reconciliation of payroll, in order to submit all Year End information.
- Process and Submission of P11d information.
If you think we can be of assistance please call CBS today for a no obligation free consultation.