PAYROLL
What I should do when I decide to employ staff?You will need to register with Inland Revenue. The Inland Revenue will send you your employer's reference number and also a yellow booklet regarding monthly payment you should be making to the Inland Revenue. This is the beginning of your Payroll bureau.
What Payroll related information I should ask when I have offer someone a job?
You should receive a P 45 if he/she was employed before or if this is his/her first job a P46 form must be filled in and signed. These forms must be sent to the Inland Revenue so they can give you or your accountant the right tax code applying to your employee.
When I should pay P.A.Y.E liability?
You would normally paid PAYE Liability on the 20th of the month for the previous month payroll. For example January payroll you will have to pay the PAYE liability to the Inland Revenue on the 20th of February.
How can I pay the PAYE Liability?
You can send a cheque to the Inland Revenue; pay to the post office or by direct debit.
Do I need to submit an annual report to the Inland Revenue?
Yes there is an annual PAYE return that must be submitted to the Inland Revenue. A tax year runs from the 6th of April to the 5th of April the following year. So your return must be submitted on the 19th of May. For example if your tax year ending is the 5th of April 2008 then you should submit your Annual Return on the 19th of May 2008.
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