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Full form of PAYE is PAY AS YOU EARN .PAYE has an impact for both employers and employees. PAYE  -  Issues for Employers and Employees.

 

 

Employers

For all your staff whose wages are more than exemption limit will have statutory filling deadlines to meet for filling forms and make payment to HMRC. If deadline is missed penalties and interest will soon be added to your employment cost. Penalties are now issued automatically and arise when employers return forms are submitted late or when the tax and national insurance deducted from employees wages is paid late to HMRC.
 

Employee Benefits

 

If you provide employees with benefits, for example company cars and health insurance, it needs to be declared to HMRC on specific forms which must be submitted on time in order to avoid penalties . Benefit attract employee own National insurance charges which has to be paid by employers in July each year.
 

Employers – other points of interest

Small businesses are able to pay their deductions quarterly rather than monthly; this can help with cash flow especially for new ventures.

Employers have an additional national insurance liability which is based on salary paid to employee. This is paid to HMRC on quarterly/ monthly bases with tax and national insurance deducted from employee`s gross salary.

Employee

For employee tax and national insurance is deducted from gross salary after deducting annual tax free allowance.

The tax deducted from your salary is calculated by subtracting your annual tax free allowance from your salary and applying the appropriate tax rate to the difference. Most payroll systems are quite adept at calculating the tax due, but they rely on the tax office to issue a correct code number to quantify your annual tax free allowance - this is the area where mistakes can be made and your tax bill increased unnecessarily.

We provide a payslip calculator on our website so you can calculate how much of your gross pay you will keep after tax and National Insurance deductions.

 

How can we help

We are trained to advise our clients in all aspects of payroll preparation and compliance.

We offer a complete payroll service .which includes preparing payslips for your staff, submitting PAYE return online etc . We also offer advice on recruiting and retaining staff and provide human resources consultancy services.

If you would like to discuss PAYE and any other employment related issues or if you do require full payroll service then please don't contact us.

Quick Contact

High Bridge Business Solutions Ltd
Phone:
+ 44 0 7897558322

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