Payroll Compliance
Once you take on staff and pay them you have a legal requirement to maintain Payroll Records. There are a lot of allowances and deductions set by the Government that you must be aware of - such as Personal Allowances, Pay As You Earn Rates, National Insurance Rates, Sick Pay Rates, Maternity Pay Rates etc. You also need to be aware of when they will apply and for how long. In addition there's the relatively recent requirement for Real Time Submissions which means you need to report Payroll details to HMRC on or before each and every pay day. Failure to report on time can result in sizable fines and penalties. You must also report to HMRC on any changes in circumstances of your employees such as reaching retirement age, leaving or just starting working with you. There are also annual reporting requirements, such as P60's and P11d's etc. You must prepare payslips for your employees for each payroll and documents for end of year and change of employer (P60's and P45's). If you work within the Construction Industry there's the additional legal requirement of dealing with payments to sub contractors and how those sub contractors can reclaim tax. In short there's a lot involved in running a payroll and we at TW Accounting Services can help you in 2 ways: We can advise you on the benefits of different Payroll packages helping you to choose the best for your circumstances. We can then work with you to set up the package for your business and train your staff on its operation. Alternatively we can run a payroll system for you ensuring that all reporting deadlines are met and an accurate Payroll is processed on a weekly, fortnightly or monthly basis as you require. We will produce all the paperwork for your employees and HMRC.