If you have a business that pays employee’s, you will need to run a payroll. Payroll or PAYE (Pay As You Earn) is the UK system of calculating gross pay and making deductions of tax and national insurance. Everytime a payroll is run it must be submitted to HMRC under the RTI (Real-Time Information) scheme. This tells HMRC who has been paid and how much the company is due to pay in tax and national insurance contributions.
Whats Included In a Payroll Run
Everytime a payroll is run, each employee is assessed on whether tax and national insurance needs to be deducted. The final pay is the net pay which is paid from the employer to the employee. The data is submitted is then submitted to HMRC to inform them who has been paid, what tax code the employee is on and how much is due to HMRC in tax and national insurance.
How Often Is Payroll Processed
A payroll needs to be processed whenever an employee is paid. For most employers this is monthly but some employers such as public houses pay their staff weekly so this means a weekly payroll must be processed.
How Much Does It Cost
Our pricing for payroll is very simple. It is £10.00 for the first employee and £5.00 per employee thereafter. As an example, a payroll for 5 employee’s would cost £30.00 per month. Some of our Limited company pricing plans include payroll processing. We also offer bulk discounts for payroll over 25 employee’s.
Our Payroll Services
We calculate from gross pay to net pay showing all the deductions in between. We send the information in an easy to manage payroll pack per week or month.
Starter & Leaver Processing
With new starters we provide starter forms for them to complete so they can be added onto the payroll. With leavers, we issue P45’s to the employee’s which they can give to their new employers.
Payslips are delivered to the employee’s electronically via email. We can even include your company logo on the payslip to make it bespoke to your business.
Year End P60 Forms
At the end of the tax year, a form P60 must be issued to each employee to show what income and tax they have paid during the year. This is also used for a self assessment tax return.
HMRC Compliance Filings
We submit RTI filings to HMRC everytime a payroll is processed making sure you remain compliant with HMRC. We also inform you of what needs to be paid to HMRC and when.
Auto Enrolment Submissions
Auto Enrolment is a new scheme where workplace pensions must be offered to employee’s. We can setup schemes and then submit the pension data to the pension providers and advise you on what needs to be paid in pensions and when.