What are my payroll responsibilities?
You need to keep payroll records for all of your employed staff, which includes making calculations of Income Tax and National Insurance and, having deducted such amounts from the wages and salaries of each employee, paying that money over to HMRC along with your Employer’s National Insurance. These days, all this information must be submitted through Real Time Information (RTI) returns to HMRC which ensures they receive up-to-date and accurate records of each employee and their current taxation position.
What other elements do I need to administer through my payroll system?
There are many elements involved in managing a payroll system and these include:
- Providing employees with weekly / monthly payslips
- Administration of Statutory Sick Pay (SSP) and Statutory Maternity Pay (SMP) schemes
- Managing the holiday pay calculations for each employee where applicable
- Processing payments for overtime, bonuses and commissions
- Administration of student loans and pension contributions
- Management of any court orders and attachment of earnings orders which may arise through unpaid debts, child maintenance etc.
- Starter and leaver processing and reporting including the production of P45s
- Completion of various statutory forms including year-end summaries of earnings to your employees (P60)
How can Downham Associates help?
Administering a full payroll system can be very onerous and time-consuming, diverting time and resources away from the core activities of your business. The task is also being made increasingly difficult by the growing complexity of employment legislation and various tax rates and rules, especially given the added worry of penalties for non-compliance.
Therefore why not let our specialist payroll team take away this burden through our comprehensive and confidential payroll service.
This will:
- Reduce the need for staff training
- Free up staff time to concentrate on other productive duties
- Ensure you do not need to invest in payroll software
- Provide peace of mind that your payroll system is fully compliant with all HMRC legislation and that all payments are made on time and all returns are submitted in a timely fashion