DON’T PAYE TOO MUCH
Payroll is a complex but crucial task that makes sure everyone gets paid the right amount at the right time, but it can be difficult to keep up with the latest regulations. That’s where we come in. We offer a comprehensive payroll service that takes care of everything, from issuing payslips to calculating deductions. We also ensure that you’re fully compliant with HMRC regulations so you can relax, knowing that your staff will be paid correctly and on time.
Our payroll service includes:
- Issuing of payslips
- Statutory sick, maternity and paternity pay calculations
- Full HMRC RTI compliance
- Auto-enrolment set up, submissions and redeclarations
- National Insurance contributions
- Assistance with P11D benefits in kind
“The Norwich Accountancy team are the type of people that every business needs behind them. Truly remarkable and dedicated people. Thank you all, its been an amazing ten years.”
- What is payroll accounting?
Payroll accounting is all about managing the money side of employee-related expenses. It covers things like paying salaries and wages, handling payroll taxes, taking care of benefits costs, and managing paid time off.
- How do payroll bank accounts work?
A payroll account is like a special bank account just for paying your employees, with the money in the account only being used to pay your employees and nothing else. Instead of mixing all your business money together, you’ll use this account specifically for their wages.
- What is auto-enrolment?
Auto-enrolment is a government scheme that requires employers to automatically enrol their eligible employees into a workplace pension scheme. The scheme is designed to encourage more people to save for retirement.
- What is HMRC RTI compliance?
HMRC RTI compliance is the requirement for employers to report information about their employees’ pay and tax deductions to HMRC on a regular basis. This information is used by HMRC to calculate employees’ tax liabilities and to ensure that employers are paying the correct amount of tax
- What is manual payroll?
With a manual payroll system, you’ll need to hire a team of professionals who will handle all the accounting and payroll tasks by hand. On the other hand, a computerised system will do all the work automatically, keeping track of employee performance, attendance, and bonus information
- Do I need a payroll account to pay myself?
As a sole trader, you don’t need a separate payroll account – you simply pay yourself from your business account. As a director of a limited company, you do not need a separate payroll account to pay yourself, but you can pay yourself a salary through the company’s payroll scheme.
- What are the steps to set up a payroll scheme for a limited company?
To set up a payroll scheme, you need to register as an employer with HMRC here. You’ll need your company’s details, including its Unique Taxpayer Reference (UTR) number.