The Pay As You Earn (PAYE) system is used for staff who are employed by your business, and is a system which will collect tax and national insurance from employee earnings. If you employ staff on your payroll there are a number of considerations to make including;
Administering payroll for a business can take time and can also prove challenging. The growing list of regulations combined with employment legislation can make it even more difficult. Even if you only employ a few staff, implementing a payroll function can benefit your business.
A professional accountancy firm will offer a variety of services and PAYE and payroll is just one of these. With a good payroll service the business should be able to;
Manage your PAYE registration with HMRC
Company payroll is much more than simply providing employee wages. It includes all of the paperwork and records associated with wages, bonuses and deductions. Any UK business that employs staff will have to register with HMRC and pay staff through PAYE so that tax can be collected. The employer is legally obliged to ensure that the tax and national insurance contributions deducted from their employees’ salaries are accurate and correct.
With the right accountant you can find a payroll registration and administration service that you can rely on. By using the expertise of a professional firm you will be able to receive a cost effective PAYE and payroll package. Wages will be processed and payslips generated for each of your employees and the relevant PAYE forms will be sent to HMRC.
To find a suitable payroll registration company, start your search with The Accountancy Network today.