If you have or want to open a company that employs staff, you must register with HMRC as an employer and set up PAYE. Your duties include preparing and submitting reports to the tax office (payroll). These reports include employees pay, bonuses, tips, sickness and maternity, as well as national insurance contributions, tax, student loan payments and pension contributions. As an employer, you normally have to operate PAYE as part of your payroll. PAYE is HMRC system to collect Income Tax and National Insurance from employment.
The employer is obliged to provide a payslip on or before the payday, which should include the above information (gross salary, deductions and net amount).
Another requirement is to issue P45 (when someone stops working for you) and P60 (at the end of each tax year; by May 31). Both documents contain a summary of income for the period worked and deductions.
In our office, we offer advice on all matters related to employing staff, all formalities and running the payroll system. By choosing us to prepare and send payroll reports, you get guarantee that the service is carried out in accordance with applicable regulations.
As registered agents, we are authorised to provide direct contact with HMRC on your behalf. We cooperate with clients in our office, by phone, post and by e-mail.