Payroll in Tamworth-Stealth Bookkeeping

PAYE Solutions in Tamworth

Operating PAYE can be a complex undertaking, which involves:

  • Showing tax and NIC deductions on an employee's payslip
  • Recording deductions
  • Sending data on a regular basis to HMRC
  • Paying employer Class 1 NICs to HM Revenue & Customs
  • Paying the deductions to HMRC within set time limits
  • Deducting employee Class 1 national insurance contributions (NICs)
  • Calculating and deducting PAYE income tax from employees' pay

Stealth Bookkeeping can help, by dealing with PAYE on your behalf.

PAYE is applied to all payments that an employee receives as a result of being employed by you. This may include:

  • Salary
  • Statutory sick pay
  • Overtime, shift pay and tips
  • Non-cash items, such as vouchers and shares
  • Bonuses and commission
  • Certain expenses allowances
  • Lump sum and compensation payments
  • Statutory maternity pay, paternity pay or adoption pay

Different rules apply to PAYE on expenses and benefits that are provided to employees. You may also use the PAYE system to deduct student loan repayments, employee pension contributions, or loan repayments.

Employers must provide each employee with a pay statement at or before the time they are paid. The payslip must include certain items, such as gross pay, tax and Class 1 NICs and other deductions, and the net amount payable. Additional payments and deductions may also need to be included, depending on an employee's circumstances. Other statements, including the P60 end of year certificate must also be provided at the end of each tax year.

With effect from April 2013, HMRC is introducing a new way of reporting PAYE, known as Real Time Information (RTI). Under RTI employers are required to submit information about the payments and deductions they have made when or before each payment is made, rather than at the end of the tax year.

It can be a real burden for business owners to deal with PAYE administration. Being specialist PAYE service providers to Tamworth businesses, Stealth Bookkeeping can ease that burden by maintaining your PAYE records on your behalf, while also making sure that your payroll operates in compliance with the relevant obligations, including the new Real Time Information rules.

For more information, including details of our PAYE health check, please contact us.