Payroll taxes fall into two categories:
What is the need for payroll taxes?
The deduction from employee wages, are simply meant to cover the payment of income tax, social security contributions, and various insurances (e.g., unemployment and disability). Whereas the tax paid by the employer needs to be paid from the employers own earnings based on the employee pay.
Employer payroll responsibilities:
From April 2013, employers must send details of salary, NIC, tax deducted etc. to HMRC each time they pay an employee. Therefore it’s highly important that you check all the information on your systems is up to date and that the correct names and National Insurance numbers for all your staff are recorded. If records are submitted with incorrect details this could result in incorrect tax calculations or HMRC compliance checks.
Although late notification penalties will notapply for the first year of RTI, HMRC will charge penalties under existing rules on employers who make PAYE errors. However, there is no penalty if you can show you have taken reasonable care to report the correct tax etc
The penalty rates for inaccuracies can be
Penalties for late payment continue to apply. Employers should keep in mind that RTI will make it simple for HMRC to check that the payments due are being made on time therefore even those a day late can result in a fine.
HOW DOES IT WORK (WHAT’S INCLUDED)
We can help to provide you with an efficient and cost effective Payroll service including;
BENEFITS OF OUR COMPANY FORMATION SERVICES
Benefits of our company formation services are;
We have made it so simple
Initial Meeting (Call us, Meet us, E-mail us)
With our initial discussion, we assess your requirements and have a good idea of your Tax, Compliance & Payroll needs, we also provide you with our advice or a second thought on your ideas.
We can talk through all the available options suiting your business needs
Once you are happy with the options and decided what best for you, for example, our business growth package, management reporting, credit control services. We agree on the frequency of reporting and deliverables. And then get sthe system set-up and ready for you.
That’s all about it and you are now up and running. We spend time with you to make sure that we make it as simple as possible, we do not deviate from your existing system and apply our change management strategies to ensure everyone in your team is on board.
This starts the era of our ongoing support and business growth research, therefore, you get the best from our services.
The whole process should not take longer than a week, in some cases, we are happy to commence work from the very next day!
We can understand the pain of switching a supplier, however, it is not at all like the switching a broadband supplier. In case have an existing accountant, our support process, will make it seamless. You offer a big thank to your previous accountants and we collect all the information on your behalf.
If you would like to know more about our start-up services and would like to get an instant quote please contact us with no delay.
We also offer non-executive and FD services to your new business, that is demonstrative and more than what you get from a traditional accountant.
If you are setting up a new business or if you have already set-up a business and seeking to appoint an expert team of accountants who can provide attention to your new business and would like to get an instant quote please contact us 020 7636 3455 with no delay.
Request a call back by contacting us.