PAYE Solutions in Sudbury
Operating PAYE can be a complex undertaking, which involves:
- Deducting employee Class 1 national insurance contributions (NICs)
- Paying the deductions to HMRC within set time limits
- Paying employer Class 1 NICs to HM Revenue & Customs
- Sending data on a regular basis to HMRC
- Calculating and deducting PAYE income tax from employees' pay
- Showing tax and NIC deductions on an employee's payslip
- Recording deductions
Seago & Stopps Payroll Solutions Limited can help, by dealing with PAYE on your behalf.
PAYE is applied to all payments that an employee receives as a result of being employed by you. This may include:
- Bonuses and commission
- Lump sum and compensation payments
- Statutory sick pay
- Statutory maternity pay, paternity pay or adoption pay
- Overtime, shift pay and tips
- Certain expenses allowances
- Non-cash items, such as vouchers and shares
Different rules apply to PAYE on expenses and benefits that are provided to employees. You may also use the PAYE system to deduct student loan repayments, employee pension contributions, or loan repayments.
Employers need to provide every employee with a pay statement at or before the time they are paid. The payslip is required to include particular items including gross pay, tax and Class 1 NICs and other deductions, as well as the net amount payable. Depending on the employee's particular circumstances, additional payments and deductions may also need to be included. The P60 end of year certificate, among other statements, must also be provided at the tax year end.
With effect from April 2013, HMRC is introducing a new way of reporting PAYE, known as Real Time Information (RTI). Under RTI employers are required to submit information about the payments and deductions they have made when or before each payment is made, rather than at the end of the tax year.
It can be a real burden for business owners to deal with PAYE administration. Being specialist PAYE service providers to Sudbury businesses, Seago & Stopps Payroll Solutions Limited can ease that burden by maintaining your PAYE records on your behalf, while also making sure that your payroll operates in compliance with the relevant obligations, including the new Real Time Information rules.
For more information, including details of our PAYE health check, please contact us.