PAYROLL CASE STUDY
Planet Double Glazing Ltd v HMRC
Hefty PAYE, NICs fines & penalties
Failure to keep accurate
Failure to operate
Thus, get VF Accountants to assist you to avoid massive losses.
FREQUENTLY ASKED QUESTIONS (FAQ) ON PAYROLL
What is PAYE Scheme?
When you start employing staff, VF Accountants can help your business register for Pay As You Earn (PAYE) Scheme as an Employer.
PAYE is Her Majesty's Revenue & Customs (HMRC) way to collect Income Tax and National Insurance Contributions (NICs) from employment.
What are National Insurance Contributions (NICs)?
NICs are deducted from employees' pay. Employees can then qualify for certain benefits and State Pension.
What is Payroll?
HMRC will provide you with PAYE and Tax Office Reference Numbers. Once you receive these, VF Accountants can set up your payroll system.
Payroll is the process of calculating employees' pay. VF Accountants will set up each new employee details on the payroll system. We account for leavers, holiday pay, statutory sick pay, maternity leave and other parental pay.
Why is Payroll important?
It is extremely important that each employee gets paid the correct amount. If done incorrectly, employees' morale may be affected and may influence the rate of employee retention. Your business's financial stability and reputation may be at stake.
How often can payroll be run?
Payroll can be run on a weekly, monthly or annual basis. The basis must be decided when setting up the payroll system.
What is Workplace Pension?
Workplace Pension is also known as Auto-enrolment Pension. It is a way of saving for your retirement through your employment.
What is RTI?
RTI stands for Real Time Information. This is the system used to submit payroll information to HMRC in real time. There are numerous types of reports to be submitted when employees get paid.
Can you change Payroll Provider only at the start of the tax year?
No, you don't need to change payroll provider only at the start of the tax year. At VF Accountants, we will discuss with you the stage you are at with your payroll. We will register to act as your Agent, i.e. Accountant. We will inform you of the information we need to carry on with your payroll.