P.A.Y.E. (Pay As You Earn) is the system that HM Revenue & Customs (HMRC) uses to collect Income Tax and National Insurance contributions (NICs) from employees' pay as they ger paid during the year. The term 'employee' also includes directors of limited companies.
As an employer, you'll have to deduct tax and NICs from your employees' pay each pay period and pay Employer's Class 1 NICs if they earn above a certain threshold. You pay these amounts to HMRC monthly or quarterly. If you don't send the correct amount, or if you send it in late, you may have to pay interest.
With the introduction of RTI as of April 2013 every time you make payment to any of your staff members you will need to inform HMRC, here at Capricorn Accountancy this will be done automatically with the use of professional PAYE software, this ensuring all your PAYE records are fully up to date.
After the end of the tax year you must send HMRC an Employer Annual Return (form P35 and forms P14).
At Capricorn Accountancy we can ensure the staff will get their correct net pay, and that you are advised of how much you need to pay over to HMRC each month or quarter.
Using a professional computerised PAYE package ensures all the information is correct and up to date with the latest Inland Revenue PAYE coding.
Our prices start £1.50 per employee pay slip with significant discounts for larger numbers of staff
The services which we can offer from Capricorn Accountancy are,
Payslips either weekly or monthly
Administration of statutory payments such as PAYE, NIC, SSP, SMP, SPP, SAP
Calculation of Student Loans, Attachment to earnings etc
Completion of statutory forms such as P60, P45, P46 etc
Completion of year end returns
Production of reports of your choice
Operate PAYE including which forms you'll need and key dates. It also provides links to detailed guidance.