Handling your Payroll the Kennedys Accounting way
Do you have staff on payroll or are you about to start putting staff on to payroll?
If you’ve got employees then you have responsibilities, which includes adhering to a number of conditions, which includes, but is not limited to the National Minimum and Living wage, as well as the relevant employment law.
As an employer you need to provide accurate and regular pay slips for your employees, get set up for Pay As You Earn (PAYE) to tax their income and keep detailed records. On top of all that, you’ve got pensions, statutory leave and a range of other things to consider. It’s a lot of work, and there’s a lot that can go wrong if you’re not careful, which is why we are here to help at Kennedys Accounting.
Below is an overview of some of the areas which need to be considered:
As an employer, it’s your responsibility to deduct Income Tax and National Insurance Contributions (NICs) from your employees’ salaries. You do this each time you pay them, and then pay the money to HMRC. You will need to understand what your employees’ tax codes mean, and the paperwork HMRC requires.
If you’re providing any benefits to your employees, for example company cars or private medical insurance, this will also need to be reported to HMRC by way of a P11d, which Kennedys Accounting can prepare and submit on our specialised payroll software to get the details where they need to be.
UK Employees are entitled to a range of rights and benefits, including but not limited to:
- Statutory Sick Pay.
- Annual leave.
- Statutory Maternity, Paternity or Shared Parental Pay.
You can find out more about these kinds of rights on our Statutory Leave page.
Employers now have to set up a “workplace pension” for any of their staff who qualify. In general, that means employees who:
- Are over 22 years old (and under the State Pension age).
- Earn above the pensions threshold
- Work within the UK or are based in the UK (even if they travel abroad for work).
Pensions are an important consideration for employers.
The Kennedys Accounting payroll service is custom-built to take care of all your payroll needs. If you’re just setting up, we’ll get you registered as an employer with HMRC. We’ll make sure all your PAYE, NIC and other responsibilities are taken care of and help you keep HMRC up to date with important changes in your business.
If you are already running a payroll and are looking to outsource the work to our Payroll Bureau, Kennedys Accounting is able to assist and can transfer the information from yourselves into our Payroll Bureau.
Our services include;
- Calculate the Income Tax, National Insurance Contributions and other payments of each member of PAYE staff, so you can pay HMRC the correct amounts each month.
- Calculate the Employers’ National Insurance contributions so you never miss a deadline.
- Give you and your staff access to our portal where you can manage holidays and sickness, staff can also access their payslips as well as other HR documents with their own individual secure log-ins
- Make RTI (Real Time Information) compliant submissions to HMRC for every payment you make to an employee and you can also apply to use our system to make the payments process easy for you.
- Compile and send the final payroll report and expenses and benefits report to HMRC each year.
- Calculate the P60’s of all your employees each year, as well as additional requirements such as P45’s
Moving your payroll to Kennedys Accounting you get a full package of support. We’ll handle all your tax-related documents, workplace pension obligations, customised payslips and any other payroll related questions and obligations.
Call on 01233 539502 or email firstname.lastname@example.org to get the process started. Our team will be happy to help or fill in the Contact us form for a call back from us. We’ll talk you through the services we offer and show you how we can build a package to fit your needs.