Payroll and PAYE
Payroll and PAYE are vital parts of your business – whether you're a small start-up, a sole trader with employees or an SME. PAYE can be complicated and time-consuming to do correctly. Our London and Hertfordshire payroll accountants are here to help you, allowing you more time to focus on your business.
We can take the strain and pressure away from managing payroll and PAYE. We ensure salaries are accurate, the correct tax is paid, and benefits such as workplace pensions and childcare payments are properly calculated. Whether you are a small team or a large corporation looking to outsource payroll, we take care of the hard work.
Contact our friendly payroll accounts team for expert advice and a free initial consultation – it pays to get in touch!
Our friendly Hertfordshire and London payroll accountants
Make it our job to handle all areas related to staff salaries, wages, employee benefits, workplace pensions, Statutory Sick Pay (SSP), holiday pay and performance bonuses. We can help you set up payroll for new starters and manage P45 and final payroll for staff leavers. Essential payroll tax documents, including P60 and P11D forms, can be handled by our expert team – leaving you free to focus on building your business.
Our payroll services include:
- Employee payslips.
- Departmental PAYE reports.
- Provision of analysis of staff costs.
- Monthly summaries including National Insurance and tax.
- Dealing with leavers and starters, including P60 and P45 forms.
- Real-Time Information (RTI) PAYE returns for the revenue.
- CIS returns are completed by us.
- Assistance with automated payment setup to your payments.
- Workplace pensions.
- Employee tax codes.
Our London payroll accountants also tackle the end-of-year, including P60, P11D, and P9D benefit and expense returns. Our services include calculating sick pay, maternity pay and student loan repayments.
Our accountants are here to offer comprehensive advice on all employment tax issues, including:
- Advice to employees and business owners on retirement planning
- Company car strategies to maximise tax relief.
- Advice on offering employee benefits and tax relief.
- Termination and inducement payments.
We can provide expert knowledge and consistency to make sure your accounts and taxes are sorted, as well as offer advice on enrolling your staff into pension schemes that work best for them and your business. Our tax planning services, VAT return services and tax audit services mean we support your business across a range of accountancy and tax issues.
Do you need payroll if you're self-employed?
Self-employed workers are not paid through PAYE and do not need payroll. However, self-employed workers still need to pay taxes and pay a self-assessment tax bill, which our accountancy team and London payroll accountants can help with.
If you are self-employed, you must tell HMRC, and they'll let you know what you should be paying. You do not have the same rights and responsibilities as an employee. You are classed as self-employed if most of the following points are accurate for your situation:
- You send invoices for your work once completed.
- You're not under direct supervision when working.
- You give quotes for work.
- You pay your own National Insurance and tax.
- You don't get sick pay or holiday pay.
- You operate under a contract with one of the following terms: 'self-employed', 'consultant' or 'independent contractor'.
What is PAYE?
PAYE stands for Pay As You Earn. It's a system that allows HMRC to collect income tax and National Insurance tax direct from staff wages. The tax paid varies for each individual, depending on how much they earn. Everyone gets a personal allowance – the amount of income that you do not have to pay tax on. For the tax year 2021/2022, the personal tax allowance is £12,570.
As well as deducting National Insurance and income tax from employee wages, you might need to make more deductions. These can include student loan repayments and pension contributions (ask us about our inheritance tax planning, too).
Employee wage slips will display all the necessary details. How much they've earned, any holiday or sick pay, income tax deductions and National Insurance deductions, as well as any pension contributions or student loan repayments.
Our London payroll accountants can handle all your PAYE responsibilities. Running a business is hard enough without worrying about PAYE, so leave it to our talented and experienced team.
Contact us for your free consultation or a chat about your options. We offer the best solutions and advice based on your needs.
Get In Touch
Call us on 01707 247 777