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Date : 04/22/2016
Author : Maxime - Belgium
UK companies need to consider the compliance requirements of HMRC when making payment to employees. Therefore maintaining top level accuracy for payroll is important. In-house payroll work diverts energy, focus and resources from the prime business activities. The HM Revenue and Customs demands such companies to operate the Pay As You Earn (PAYE) system. Every company with employees must follow and meet the requirements of registering and operating PAYE this includes on time tax submission and submission of various forms to HMRC. The payroll creation task is turning tough because of the increasing complexity of employment legislation and taxation, and the accompanying regime of penalties for non-compliance.
PAYE has a great repercussion for both employers and employees, below are some of the pitfalls discussed that you should avoid in order to run your business smoothly.
Employers:The Inland Revenue has created some obligations if you have employed staff. Penalties may arise if you avoid statutory specific deadlines for tax submission and national insurance that you have subtracted from your employees. Forgetting or a late payment may result in penalties.
Employee Benefits:Employees might be benefited with several means like health insurance and company cars. Be careful for identification of where unrelated expenses can be classified as a benefit. According to HMRC, benefits must be declared by employers each year in July following a separate National Insurance payment, moreover they have to be declared to the Revenue on particular returns which must be sent on time to avoid penalties.
Maintaining in-house payroll work for any start-up and well-established business is a daunting and burdensome task that diverts the focus of employers from the prime business responsibilities. GR Morgan is ready to ease this burden by offering an effective payroll service provided by our team of experienced staff who will perform the task. Our experts keep themselves fully updated with the legislation changes and employer obligations. You just need to provide us with some details such as: working time, overtime, bonus, holiday, commissions and other important details the rest is done by us.
Below is a breakdown of our detailed and confidential payroll services :
Contact us to get top quality payroll services in UK.