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Payroll Services from Beach Accountants

Money - coins and notesBeach Accountants offer the following Payroll services.

  • PAYE Scheme Registration
  • Weekly or Monthly Payroll including Pay Slips for your employees
  • Calculation of PAYE & NIC payable monthly
  • End of year Reports: P35, P14/P60, P11Ds
  • Online filing and Incentives

Introduction

If you employ a member of staff you need to set up a payroll scheme and deduct Income Tax and National Insurance Contributions from their wages, if they are above the HM Revenue and Customs (HMRC) thresholds. See resources for what the current rates are.

When to Register for a PAYE Scheme

  • Once a member of staff earns wages or a salary that requires a deduction of Income Tax or National Insurance Contributions you need to set up a scheme.
  • When a scheme is set up the HMRC will issue you an Account number and Reference number along with a payment book so that you can pay any Income Tax and National Insurance due to them.

Requirements

  • When you employ a member of staff, you must ensure that you receive a copy of their P45 from their previous employer or a completed P46 form so you can issue a tax code for your staff.
  • You are required to deduct the right amount of Income Tax and National Insurance Contributions from the employee and pay them the net figure as wages.
  • There are various Income Tax rates and National Insurance Contributions (NIC) that can be found in resources.
    The PAYE and NIC month runs from the 6th of one month to the 5th of the next month. The amount of PAYE and NIC due in that period to the HMRC must be paid by the 19th of the month, or 22nd if you pay electronically.
  • If the total PAYE & NIC averages less than £1500 per month, then payment can be made quarterly.
  • On an annual basis at the tax year ended, 5 April, you are required to submit a P35 Annual Summary form and P14 forms for the employees, to the HMRC by the 19th May. These forms can be filed electronically.
  • You may incur interest or a fine if you pay late or incorrect amount of taxes.
  • There is also a penalty for the late filing of the annual forms.

Incentives

Beach Accountants are a Registered Agent for electronic filing. There are currently incentives for online filing of your End of Year Summary forms, P35 and P14s, as follows:

  • £150
for 2006/07
  • £100
for 2007/08
  • £ 75
for 2008/09

For further information or advice contact Beach Accountants.

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