Looking for PAYE Advice in the Camberley area?
Pay As You Earn (PAYE) is the system under which employers deduct an amount of income tax and national insurance contributions (NICs) from employees' wages, salaries, pensions and so on, in accordance with PAYE codes, tables and other instructions given by HMRC.
Employers have a legal obligation to operate PAYE if their employees' earnings reach the national insurance lower earnings limit. Operating PAYE can be a complex undertaking, which involves:
- Calculating and deducting PAYE income tax from employees' pay
- Deducting employee Class 1 national insurance contributions (NICs)
- Showing tax and NIC deductions on an employee's payslip
- Paying the deductions to HMRC within set time limits
- Recording deductions
- Paying employer Class 1 NICs to HM Revenue & Customs
Starting up in business?
When you take on an employee you must contact HMRC to register to set up a PAYE scheme for your business. HMRC will send you guidelines, including the necessary forms with which to operate the PAYE and NICs system.
All this may look complicated, and indeed operating a PAYE scheme can be challenging. Time spent running a PAYE scheme is also time you cannot spend making profits. [[Your name here]] in Camberley can help to ease your burden and provide peace of mind by operating your PAYE records for you.
Let [[Your name here]] ease the PAYE burden
Our team of specialists can maintain your PAYE records and make sure that your business complies with the PAYE and NIC rules. The Camberley team at [[Your name here]] can also help you to:
- Set up a PAYE system and register for PAYE
- Determine an individual's employment status
- Comply with the necessary regulations.
- Administer your payroll and PAYE
From April 2013, HMRC is introducing a new way of reporting PAYE, called Real Time Information (RTI). Under this system, employers must submit information about the payments and deductions they have made when or before each payment is made, instead of at the end of the tax year.
Operating PAYE can be an onerous task for business owners. As specialist providers of PAYE services in Camberley, we can look after your PAYE records and ensure that your payroll operates in accordance with the necessary obligations, including the new Real Time Information requirements.
Please contact us if you wish to discuss PAYE and business tax or need PAYE advice in Bristol and the surrounding areas.