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Payroll

Payroll Records

A payroll is the list of employees and the amounts entitled to receive and other work benefits. As per the HM Revenue and Customs’ (HMRC) guidelines, companies shall register for PAYE and list details of employees receiving £123 or more a week; PAYE is HMRC system to collect Income Tax and National Insurance from employment.

DD Chartered Accountant manages the complexities of payroll and ensures it is always filed correctly on time. Our payroll solutions can be tailor-made according to your budget, business size, and specific needs from processing payslips, to issuing P60s and helping you keep compliant with HMRC regulations. DD Chartered Accountant advises and offers support in:

  • overcoming the complexity and risk of sourcing, managing and delivering payroll services
  • unifying and standardising your payroll processes into a best-in-class model that helps reduce HR administrative costs
  • anticipating changes in laws and regulations, while managing differences in time zones, currency and language
  • benefiting from a single view of workforce data for reporting and analytics, improving fact-based decisions

Importance of Payroll Records

Payroll records are documents containing information on each employee’s compensation, including how that pay was calculated. Employers shall also keep records of training, employment history and terms and conditions of employment. Companies shall maintain Payroll records for 3 years from the end of the tax year they relate to. HMRC may check your records to make sure you’re paying the right amount of tax.

If you do not keep full records, HMRC may estimate what you have to pay and charge you a penalty of up to £3,000.

Payments and Deductions

When paying your employees through payroll you also need to make deductions for PAYE.

Payments to your employees

Payments

Payments to your employees include their salary or wages, tips or bonuses, sick pay or maternity pay.

Deductions from their pay

Deductions

From these payments, you shall deduct tax, national insurance premium, student loan repayments, pension contributions.

Reporting to HMRC

If you run payroll yourself, you shall report employees’ payments and deductions to HMRC on or before each payday. DD Chartered Accountant help you submit reports to claim any reduction in what you owe HMRC.

Paying to HMRC

You’ll be able to view what you owe HMRC, based on your reports. You then have to pay HMRC, usually every month.

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