Get the advice and support you need
Being an employer, brings monthly obligations to collect tax & process pension payments. We can help you through the process & make sure deadlines are met & staff are paid.
Employing someone for the first time or even ongoing maintenance of a payroll can be a bit daunting. In the UK, if a business employs someone then they have an obligation to process that person’s salary via PAYE and operate a payroll. The salary must be correctly taxed and is subject to national insurance. Also, pension payments will typically need to be made on behalf of the employee. There are penalties for failing to do this and for any errors that may occur. Monthly reporting is required via Real Time Reporting to HMRC and the Pensions Regulatory must also be kept happy.
Things to Consider
When a business starts to grow then it will often be necessary to employ staff. In the UK that person’s salary is subject to tax & NI and generally, pension contributions. It will be important to get this right from the start. The business will need to register with HMRC as an employer and collect both tax & NI from day one. The correct software is crucial here. Pension enrolment letters are very important here and care is required. If you are looking at re-organising your current payroll then it will be important to use an accountant with sufficient technical & practical experience in this area.
Boxwood have been our accountants for a number of years and provide us with advice and support for our year-end Statutory Accounts and Corporation Tax Return. We have always found the team helpful and professional. They are always available to chat through any questions we may have and we no longer worry about getting our tax filed on time.
John at Bentley Consultancy Services Ltd
How We Can Help
The team at Boxwood will be able to talk you through the whole process. We will be able to register you as an employer, process your employees pay, collect the right amount of tax and NI and file with HMRC. We will be able to remind you of your next filing & payment dates. We will also be able to help you decide on any director’s salary and the various tax implications. The Boxwood team will always be available if you have any questions and we will always agree a fixed fee with our clients prior to any work being carried out.