& Co Accountants Ltd
Registration No. 8470501 Registered in England & Wales
of Institute of Financial Accountants
Studio 3, Longsight Business Park, Hamilton Road, Manchester, M13 0PD
Tel: 0161 224 3510
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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 earn it. The term 'employee' in this guide includes directors of limited
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. Under
the RTI system employers required to send real time information to HMRC on
Pay as you earn (PAYE) is a regular and important task
for employers, if you are an employer and paying wages and salaries
over certain limit you have some responsibilities and duties to fulfil on
an employer, you have certain obligations to the Taxman, HM Revenue.
If you do not follow the law and procedures and ignore these obligations and
duties, this attracts penalties and interest towards your employment
costs which will off course reduce your profit and cause unnecessary hassle! With
the recent introduction of RTI (real time information) system HMRC expect more and
quick information from employers.
penalties arise if you either:
certain statutory deadlines for remitting tax and national insurance you have
deducted from your employees and staff, or
late submitting your returns to the HM Revenue.
you make a late payment or forget to send off a particular return and you
will be penalized.
are providing some benefits to your employees, like company cars and
health insurance etc you need to fulfil some more relevant requirements of law.
How we can help you.
If you would like to discuss PAYE or any payroll
matter we are just a call away
Call now at 0161 224
3510 or contact
through our Contact
us form. If you
need a full payroll service then we are here to help.