Payroll & Employee Benefits
Running your own payroll can be both time consuming and complex. The continual increase in red tape and filing requirements is putting an extra burden on businesses with many failures leading to substantuial penalties. Since the 5th April 2013 the arrival of RTI (Real Time Information) has added a further headache for small businesses.
We will therefore take on the day-to-day running of your PAYE scheme utilising payroll software from one of the market leading providers. This includes the now mandatory e-filings to HMRC for each payroll run, changes of employees and the weekly/monthly calculations of salaries to include entitlement to statutory sick or maternity pay etc.
Our comprehensive service includes:
- Computer generated payslips either on a weekly or monthly basis;
- Summaries and analysis of staff costs; and
- Advices as to how much and when you need to pay HMRC.
- We will also provide you with P60 documentation in order that they may be provided to employees within the legal time limits.
- Preparation of necessary P11D forms (see below)
If you provide employees with benefits, for example private medical insurance or a compny car, then you are legally required to declare these benefits on specific forms (p11d's) to HMRC within a specified time limit in order to avoid penalties.
Whilst some of the most common forms of benefits provided to employees are easy to spot and report, many are not so obvious, for example excessive staff entertainment can be classed as a benefit which would require disclosure.
In addition to providing disclosure of the nature and value of benefits provided to employees, employers will also be charged Class 1A NIC's on the cash equivalent of the benefits which is paid to HMRC in July each year.
We will contact all employers on a timely basis to discuss the need to disclose any employee benefits and also request relevant information to facilitate the submissions as required.