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As an employer, you normally have to operate PAYE as part of your payroll. PAYE is HM Revenue and Customs’ (HMRC) system to collect Income Tax and National Insurance from employment. You don’t need to register for PAYE if none of your employees are paid £112 or more a week, get expenses and benefits, have another job or get a pension. However, you must keep payroll records. Tax month runs from 6th of one month to the 5th of the next month. Tax year starts from 6th of April to the 5th of April
1. How does it work?
When paying your employees through payroll you also need to make deductions for PAYE(Pay As You Earn).
Payments to your employees
- Payments to your employees include their salary or wages, as well as things like any tips or bonuses, or statutory sick or maternity pay.
Deductions from their pay
- From these payments, you’ll need to deduct tax and National Insurance for most employees. Other deductions you may need to make include student loan repayments or pension contributions.
- Claim any reductions on what you’ll owe HMRC by sending an EPS by 19th.
- Pay HMRC by 22nd (or 19th if paying by post).
- Payment of Tax & NI deductions to HMRC remain the same, either on 19th or 22nd of the month or quarter following the representing period.
Reporting pay and deductions
If you run payroll yourself, you’ll need to report your employees’ payments and deductions to HMRC on or before each payday. Your payroll software will work out how much tax and National Insurance you owe, including an employer’s National Insurance contribution on each employee’s earnings above £155 a week. You’ll need to send another report to claim any reduction on what you owe HMRC, e.g. for statutory pay.
You’ll be able to view what you owe HMRC, based on your reports. You then have to pay them, usually every month .If you’re a small employer that expects to pay less than £1,500 a month, you can arrange to pay quarterly.
Cost for payroll management depends upon the number of employee.
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