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Employment Law And PAYE

If you're an employer, whatever the size or nature of your business, you've got to stay on the right side of employment law.

Call us on 01233 653006 today.

It's not just a case of hitting the National Minimum Wage or organising Statutory Sick Pay for your employees; you've also got to sort out regular pay slips, set up any necessary PAYE systems or pension deductions and maintain detailed and accurate payroll records.

If all of that sounds like a lot of paperwork, congratulations - you've just glimpsed the tip of the iceberg!

If you're just setting your company up, we can help you get registered as an employer and organise a payroll system for you. Even if you're already established, we can still take the load off your shoulders as your agent with HMRC. We'll make sure that the Income Tax, National Insurance and any 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 calculate 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 and reporting all that information and more to HMRC every time you pay them.

You also have to keep track of any other benefits your employees are getting - for example, company cars and private medical insurance. All this information has to be submitted electronically, so you'll need some payroll software to make sure all the details get where they need to be safely and on time.

As if that’s not enough you need to consider, for example, student loan payments, national minimum 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 so you never miss a deadline.
  • Make RTI (Real Time Information) compliant submissions to HMRC for every payment you make to an employee.
  • Compile and send the final payroll report and expenses and benefits report to HMRC each year.
  • Calculate the P60s of all your employees each year.

RIFT Accounting can act as your agent with HMRC, so we can take all the cumbersome legwork out of the equation when you start hiring whatever henchmen and minions you need to keep the lights on in your volcano lair. If you're just bolting together the first cyborg assassin for your workforce, we can register you as an employer with HMRC before the welding cools on his laser-Gatling arm (patent pending).

Your PAYE responsibilities:

  • 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 make sure you pay your staff at least the National Minimum Wage Rates.
  • 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 19th of the month. You will probably have to pay interest and penalties 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).

Let us take all the guesswork (and a lot of the stress) out of running your business. We can be the best business wingman you ever had.

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