If you employ people you will need to set up a payroll.
You will need to set up a payroll if you employee staff or if your business employs you as a director and needs to pay you a salary.
You must decide how often each person will be paid, e.g. weekly, monthly etc and work out how much tax and national insurance should be deducted each time they are paid.
You will then deduct the amount of tax and national insurance calculated and pay the net amount to the employees. You will then pay over the tax and national insurance to HMRC together with the employer’s national insurance which the business must pay.
We recommend that you use a payroll system to ensure that you are paying your employees the right amounts and also to make sure that you correctly calculate the tax and national insurance due. The system should produce payslips and the appropriate returns to be made to HMRC every time you make a payment to an employee.
Some businesses find it easier to outsource the running of the payroll and we would be happy to have a chat with you about this to see if we can help you.
If you would like to chat about this or anything else, why not get in touch?
I work with Val and beyond the Numbers, because they are exactly that..more than just the numbers. They work hard to understand my business, understand the business needs that are unique to me. They then shape the support and service around those needs.
What I particularly like is that they are up for doing all sorts of support, from basic book-keeping, through to strategic challenge and insight. Trusted partners.
Martin Ewart, Bigwheel Leadership Ltd
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