Here you will find an insight into PAYE and how wagecorp can help your business.
As an Employer, you normally have to operate PAYE as part of your payroll. By way of explanation, PAYE is HM Revenue and Customs’ (HMRC) system to collect Income Tax and National Insurance from employment.
By law you do not need to register for PAYE if none of your employees are paid £118 or more a week, get expenses and benefits, have another job or get a pension. However, you must keep payroll records.
What this means for your business:
Payments and deductions
When paying your employees through payroll you also need to make deductions for PAYE.
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.
Reporting pay and deductions to HMRC
If you run payroll yourself, you’ll need to report your employees’ payments and deductions to HMRC on or before each payday.
You’ll need to send another report to claim any reduction on what you owe HMRC, for example for statutory pay.
Other things to report
As part of your regular reports, you should tell HMRC when a new employee joins and if an employee’s circumstances change, for example they reach State Pension age or become a director.
You have to run annual reports at the end of the tax year - including telling HMRC about any expenses or benefits.
All of this can be time consuming and somewhat overwhelming for some businesses.
How Wagcorp can assist your business:
Single invoice to pay recoding banks cost and processing time, resulting in a reduction in overheads
Salary payments upon remittance and receipt by Employees (24 / 7 / 365 ) via our payroll platform
Reduced liability, as all employees become Employees of Wagecorp We remove the language barrier and look after Payroll queries for you, freeing up your time
Providing you with a turn key solution, evidencing your business understands the importance of financial security, integration and empathy of Employees situations
Agency Network access, providing employees to fulfil workforce demand