Owning your own business makes you solely responsible for paying your employees on time, every time. If you want to ensure that your employees are paid correctly and punctually, partner with Thobani Accountants. Our Peterborough accountants are accredited Quickbook users who have over 25 years of combined payroll experience. We’ve completed HM Revenue & Customs’ (HMRC) PAYE (Pay As You Earn) process for businesses of all sizes and income, and have successfully paid their employees the proper salary, tips, commission, bonuses and statutory sick or maternity pay they’ve earned.
At Thobani Accountants, we know how to deduct the right amount of Income Tax, student loan repayments and National Insurance Contributions (NIC) from an employee’s pay. We make paying and reporting deductions to HMRC simple, so you can focus on keeping your company profitable and your employees happy.
Book a free, no-obligation consultation with us today or call us on 07842 507362 to see how we can help remove the stress from running an accurate payroll. We’ll give you a competitive service quote within five minutes of sitting down!
Our Payroll Services
As a business owner, it’s your responsibility to pay and deduct the correct amount of money from your employees. You must make the appropriate deductions from your employees’ salary during every pay period (typically monthly) and pay that money to HMRC. You must then supply each employee with a detailed payslip that outlines every deduction you made.
Our payroll services help you do just that, plus complete and supply the following forms:
- Employee forms
- End of year tax forms
- Payroll admin forms
- Expense forms
- Benefits forms
Important Payroll Dates
You must send all pay deductions to HMRC monthly by the following dates:
- The 22nd of each month if sending electronically
- The 19th of each month if sending through the post
Please note: You must report your employees’ pay and deductions to HMRC in a Full Payment Submission (FPS). You’ll be able to see what you owe to HMRC on the 12th of each month, and you can claim reductions on what you owe by sending them an Employer Payment Summary (EPS) by the 19th of each month. You’ll also be responsible for generating a P60 form at the end of each tax year, which summarises your employees’ total pay and deductions for the year.
What Must Show on Employee Payslips
Each employee’s payslip must show:
- His or her pay before deductions (Gross Wages)
- Amount of Income Tax and National Insurance deductions
- His or her pay after deductions (Net Wages)
- Number of hours worked and rate of pay
- His or her National Insurance Number and tax code
- Amount of pay and deductions thus far in the year
You can give your employees a physical payslip or send their payslips to them electronically.
Employee Changes to Report to HMRC
Keep in mind that if any of the following occurs throughout the tax and business year, you must report the changes to HMRC on your FPS form.
- You hire a new employee
- An employee leaves the company
- An employee changes their address
- You start paying an employee a workplace pension
- An employee reaches the State Pension age
- An employee goes to work abroad
- An employee suddenly passes away
- An employee is called up for jury service
Contact us on 07842 507362 with any questions or concerns and stay on top of your payroll today.
Book a Free, No-Obligation Consultation
Payroll doesn’t need to be a headache. Contact us to speak with our friendly team of accounting specialists to learn more about our wide range of accountancy services. Call us for a free, no-obligation consultation today!