PAYE & Expenses & Benefits for Employees
Employment People - what are my obligations?
If you employ staff then you will also need to pay employers tax and national insurance in addition to the salary payment to your staff member(s). As an employer, as part of your payroll you need to complete certain tasks during each tax month; this includes calculating their pay, deductions such as tax and national insurance, produce payslips and report their pay and deductions to HMRC in a Full Payment Submission (FPS). Late submission of an FPS can result in fine and in very late submissions, HMRC can close your PAYE scheme.
Whether you choose to manage your weekly/monthly payroll yourselves, or wish to hand this over to your accountant, we can give help and advice and support you through the process, taking the burden and worry of reporting responsibilities and deadlines away from you.
In addition to the monthly requirements, you also need to produce a year end return to HMRC showing all your pay and deductions. You may also need to provide pension contributions as employers now have to provide a workplace pension for eligible staff. This can apply even if you employ only one member of staff.
The HMRC website offers a lot of information on employing people, from PAYE, contracts of employment and working hours, Pensions, Health & Safety and much more.
If you would like to learn more or discuss your requirements with us, contact us via email or phone or we can arrange a meeting with you to understand your requirements at no obligation