If you run a business with employees, and you’re based in the UK, you’re required to run a payroll. Payroll is the name of the process of accounting for the calculations and payments that go into providing your employees’ wages on a PAYE (Pay As You Earn) basis.
Linked to this is RTI (Real Time Information) Returns, which are due to be submitted to HMRC on every day you pay your employees.
The cost of missing a an RTI Return can be costly. Penalties start at £100, but alongside any unpaid or underpaid tax, or unpaid National Insurance, the costs can rise. All of these missed payments and penalties will accrue interest charges.
The best way to avoid penalties and unnecessary problems is by using the services of a good payroll manager. This ensures that the process of paying employees and keeping HMRC updated runs smoothly.
Jacky Gregory Accountants can provide you with a solution to every part of the payroll process. We offer an end-to-end service, which ensures that your business operates within the regulations of HMRC.
A breakdown of our services
We are able to provide solutions to all parts of Payroll service, such as:
- Putting together and processing HMRC forms for incoming / outgoing employees (P45 / P46) as well as end-of year forms (P60).
- Submission of Real Time Information Returns.
- Producing payslips based on your business’ payment schedules.
- Liaising with HMRC on behalf of your business.
- Representation should HMRC seek a payroll enquiry regarding your business.
- Payroll advice for your business, provided when its needed.
- Taking care of statutory pay alterations, such as Student Loan Repayments, Statutory Sick Pay, Statutory Maternity/Paternity Pay.
- Calculations of dividends and production of relevant paperwork for the company and shareholders