Payroll Service London- Payroll is usually processed weekly for establishments such as restaurants and coffee bars and monthly for office staff.
Nowadays with 1 person only required to form a limited company, the director may be the only person on the payroll.
Each person is given a tax code issued by HMRC which is applied during the tax year which runs from 6th April of one year to the 5th of April of the following year.
There was a major change made to PAYE when RTI was introduced in 2013. RTI stands for Real Time Information. It did not change the way PAYE is calculated but it does mean more regular submissions. So anyone running a weekly payroll must now also submit each week to HMRC in real time. It use to be only once a year on the payroll summary called the P35. This means extra work has been passed on to the payroll bureau. It is important that the client works closely with the payroll bureau so information is received on time
to allow the payroll to be processed on time to meet certain deadlines. The PAYE is still payable by the 19th of every month so for instance in tax month 1 for April 19, the PAYE to be received to HMRC by 19th May 19. Most people now pay online and the yellow payslip booklets are no longer much in use. When paying online the last 4 digits will change to inform HMRC which tax month is being paid.
Salaries, wages is a very sensitive subject and all communication should be in writing by email, clarity of the details are important.
Some payroll are easier than others but essentially all carry the workings of tax code changes , holiday allowances m maternity pay, statutory sick days , pension contributions .
Quite a lot of different components.
Call us at 020 7788 7744 for a free consultation.
Incl. up to 10 Staff.
Incl. up to 30 Staff.
Above 30 Staff upon quote.
It is important to work closely with the client to receive the information on time to allow the payroll run to be processed on time.
Employees must be paid on time, usually end of the calendar month, last fri of the month, every friday for weekly staff etc.
PAYE to be calculated and paid over to HMRC on time, to be received by the 19th of each month.
To pay the pension provider on time.
To make the submission to HMRC in real time. The new RTI that was introduced back in 2013
Reconciliation, Payroll Taxes, Overtime And A Lot More
Once the payroll is completed it is passed over to the bookkeeper to journalise into the accounts. There are 2 control accounts to be produced :
Net wages control account and PAYE control account. The 1st to confirm that all net wages due have been paid and the 2nd that all PAYE due has been paid.
Both balance sheet items. The other related accounts will be gross wages, employers nic, employers pension, SMP , SSP .
The client decides the salary or wages payable to each employee, We at PBS must check and advise that the minimum wage rule applies, the correct % of the pension is
calculated, whether a person is allowed to work in this country.
Payroll is a specialised field on its own and although the process of running the payroll is done quickly, the knowledge behind it is vast.
Payroll Management For Small Businesses
We at PBS not only run the payroll with all its intricacies but now put on our accounting hat and calculate the relationship between the cost of payroll overhead
to turnover and bring to your attention in a management account session. Consider the plus and minus of temporary staff.
We come across from time to time invoices received from freelances, usually sole individuals not registered with Vat, who provide an invoice for their services.
Must be careful here because it may be that these individuals should be on the payroll. It may be an advantage for both parties to continue this arrangement, the freelancer
receiving money without any tax deducted and the client, the employer, not to have the burden of holiday entitlement etc.
We at PBS will do our part to advise, Quite often the case and this also applies when we carry out our accounting function that the accountant does not pick up various matters.
The client will decide in the end but as long as he is aware, sometimes a client will do something because he lacks the knowledge.
We at PBS do not work with blinkers on, we perform the task in hand but also streetwise for the bigger picture.
We will register you as an employer and ask your employees to fill out starter forms.
On a monthly basis, you will tell us the rate of pay and how many hours worked.
We will calculate the tax and NIC’s for you and also provide you with payslips for your employees.
We will also submit your end of year returns to HMRC and provide P60’s to your employees at the end of the year.
It is important to make sure figures are calculated correctly, so that you make the correct payments.
By not calculating the tax and NIC correctly, you may pay more than you have to. If you pay HMRC less than you have to, you have return the correct the withheld amount with interest and other penalties.
When employing someone for the first time, you must register as an employer. This is to inform HMRC that your employee has started working for you.
You will now have a responsibility to calculate the tax and national insurance contributions (NIC) of your employee, and then withhold this from their pay and submit this to HMRC on their behalf. Furthermore, you will now be responsible to pay an additional employer’s NIC.
Tax and national insurance is usually calculated on a monthly basis and payments are made to HMRC by the 19th of the following month, or the 22nd if paying electronically.
Free up your time – We process your payroll and deal with HMRC for you.
Save money – Be sure you are getting the best value for your money with our flexible options.
Gain a personal service – A contact that works with you not a call center.
Benefit from complimentary services – A range of services to ensure you get the most from your service.
We will help you with your workplace pensions if required.
We can act as your agent with HMRC, dealing with all correspondence and queries from your staff.
Send us your staff time log.
Update us with any sick days/holidays, etc.
We pay on your behalf NI.
We send you all the payslips.
– Fixed price structure.
– 100% compliant.
– Dedicated PA.
– SEmployee benefits.
– Your payroll is processed in the UK.
– No Tie-ins, we don’t tie you in to lengthy contracts. We ask for one months notice to cancel.