Payroll Services and Pay As You Earn (PAYE) tax payment processing is an area where all companies of all sizes and shapes have an obligation to comply with HMRC requirements. All businesses who employ staff, even if you as a Director are the only employee have a duty to keep all of your statutory records accurate and up to date.
With the HMRC’s new Real Time Information (RTI) system it is now fundamental to ensure that your Payroll Services are processed correctly and Pay As You Earn (PAYE) payments are made in time and in full. Many complex areas need to be navigated to ensure your business satisfies the requirements of the HMRC with the responsibility of mistakes being the burden of your business. At Accountancy Network, we are here to help with all the advice and Fully Managed Payroll Services to allow you to focus on running your business.
Managed Payroll Services & PAYE Reporting…
Managing the payroll of your business can become a minefield and a juggling act if you are not an expert in understanding your responsibilities and your obligations. Accountancy Network’s managed Payroll Services are the perfect solution to help meet your needs, our system has been perfected over time and proven to quicken payroll services for businesses, allowing you to focus on what you do best, running and growing your business. You did not get into business for the joy of managing payroll responsibilities, but as accountants, we did, let us take care of the burden of making sure you stay compliant and efficient in this area.
At Accountancy Network, we offer the full range of Payroll Services and all the required processing to ensure that your Pay As You Earn (PAYE) filing and payments are completed accurately and are kept up to date. We are here to provide the level of assistance your business requires. From advice on your internal payroll processing to full Managed Payroll Services, we can help with all aspects of preparation, filing, compliance to ensure that all the requirements of the HMRC’s Real Time Information (RTI) system are kept up to date.
This is fundamental to the success of your business as failure to comply with the HMRC statutory obligations for Payroll Reporting and Pay As You Earn (PAYE) payments will result in financial penalties and interest payments on overdue payments which will increase the real employment costs of your workforce.
Enjoy The Benefits of Managed Payroll Services Today
At Accountancy Network, we are here to take away the strain and pressure of having to learn the complexities of Payroll Services and your statutory obligations of the correct processing of Pay As You Earn (PAYE) tax payments. This can be a complex accounting task and where mistakes are made it is the employer and the business that are liable. While you focus on growth and making your business more successful, we will take care of everything on your behalf.
Our Managed Payroll Services are tailored to the individual needs of your business and includes:
- Detailed Payslips for all employees
- Monthly summaries and departmental reports
- Dealing with new employee addition to Payroll
- Dealing with leavers and final payments
- Provision and analysis of real staffing costs
- Real Time Information (RTI) PAYE returns for the HMRC
- Assistance on automated payment set-up to pay employees
- CIS returns where relevant
- Employee P60 summary
- P11D and P9D benefit and expense returns
- Sick pay calculations
- Maternity pay calculations
- Student loan deductions
With our Managed Payroll Services from Accountancy Network, you will not have to worry about navigating all of these complicated areas. However, just complying with your obligations is not where the benefits of getting the right advice in this area stop. More importantly, your company can benefit from massive tax efficiency by getting the right advice on planning ahead. We can help with comprehensive advice on all areas of employment tax and employment tax planning. For example, are you getting the right advice on:
- Remuneration Strategies that are Tax efficient
- Retirement planning
- Termination payments
- Inducement payments
- Strategies for company car and van benefit in kind
- Planning for the Tax implications of other benefits
At Accountancy Network, we are here to help with all aspects of Payroll Services. From simple advice to our Managed Payroll Services and Pay As You Earn (PAYE) tax payment processing we can tailor the right solution for your business.
Payroll Services in more Detail
- Payroll Services
- Payroll Tax and Employee Benefits
- Operating the Employee Payroll Tax System
Payroll Tax and P.A.Y.E
Payroll taxes are usually collected through the PAYE (Pay As You Earn) system that is operated by employers. You are almost certainly required to operate PAYE for your employees if you have any. However you are only exempted from operating PAYE if your employees have low weekly earnings, don’t have additional benefits or doesn’t have income from another job or pension. This basically allows you not to collect payroll taxes through the PAYE in a situation where you are self employed in your company with yourself as the only employer.
The payroll taxes that are handled through the PAYE system include the income tax and the National Insurance contributions that are subtracted from employers’ National Insurance and employees’ pay that is paid by the business. The PAYE system usually involves the calculation and the paying of the payroll taxes to the HM Revenue and Customs (HMRC), generally on a monthly basis.
In 2013, the reporting of the PAYE to HMRC was changed where all businesses are now required to report the payroll information and send tax and NI that is deducted electronically to HMRC. This happens every time an employee is paid. This is referred to as Real Time Information that replaced the earlier one that used to occur on annual basis based on form P46.
To successfully do this, you will need to use RTI Compatible software or use your accountant or a payroll bureau to outsource your payroll. For small employers, HMRC has come up with basic PAYE tools and calculators as an alternative and are suitable for the employers to fulfil their online filing requirements.
The RTI PAYE system that is now known as Universal Credit Payments is linked to employees’ benefit payments that are aimed at improving the accuracy rate of tax payments and benefits.
All businesses in UK have an online personal account where you can easily view your tax transactions across a range of business taxes. These business taxes include VAT, Corporation Tax, Self Assessment and PAYE that allows employers and employees to tax payment at any time.
Payroll Tax and Employee Benefits
Payroll Tax and Employee Benefits
The PAYE system also happens to cover the payroll taxes due to employees’ benefits like the health insurance, expenses and the company cars. However there are no tax or NI payroll taxes on the value of any pension contributions benefits that the business makes into approved pension scheme.
The payroll tax for benefits is usually assessed and collected annually in most cases. The employees must be provided with details from their employer, as they may need to declare their benefits and income in their own self-assessment tax returns.
Operating the Employee Payroll Tax System
Operating the Employee Payroll Tax System
For effective management of the payroll services, you may be required to keep records of employee details, pay and benefits that are accurate. It is important that you calculate the payroll deductions and make timely payments that are accurate. You should also make sure to provide the payroll information to both your employees and to the HMRC. There can be complications such as statutory sick pay and student loan repayments that may require you to deal with them.
Accountants will offer a comprehensive out-sourced payroll services to employers who would want to avoid the need of having to be involved with all the regulations and compliance issues involved in running a payroll.
We are able to set-up an Employers’ Scheme with HM Revenue and Customs for you and be able to advise whether your workers should be added in the payroll and handle all the relevant submissions for you. We will be able to calculate your employees’ net pay, report all the information to your HMRC and generate payslips to pass to your staff during the year. We can workout the tax and National Insurance for your employee even if the employee is on maternity, paternity or sick leave. You can rely on us to keep track of their holiday benefits entitlement and we can also file all the leavers and starter forms for you. Late payments and payment deductions can easily lead to you incurring hefty penalties. We will be able to help you to avoid such incurring.
Also we are able to prepare your expenses and benefits forms and advice you on any filing needs or NI that is due. Expenses and benefits can be difficult area and tricky when it comes to knowing what and where to report it. We are able to relieve you of that problem. We can file all your year-in year-out tax returns with HMRC on your behalf and produce P60s for your workers at the end of the year. The employees are faced with intimidating responsibilities, which is why we can take you through the processes, calculations, deadline and costs and take control of everything you.