Maintaining a PAYE system yourself can be very costly and required considerable of your time to ensure correct tax rates are used when calculating your staff taxes and correct amount of taxes and national insurance are deducted and pay over to HMRC. Small businesses often find it better off to outsource their payroll services.
Concise Accountancy offers payroll services to small companies and growing businesses. Our payroll services team are up to date with the current changes in PAYE scheme operated by HMRC. They are well equipped with technical knowledge and latest payroll processing software and able to provide you with the best payroll services. Feel free to discuss your payroll requirements with our payroll team.
PAYE Forms and procedures
As an registered employer under the PAYE scheme, you must be aware of what are the forms to be prepared and to whom the forms must be presented.
Form P9
The tax codes advice notice issued by the Inspector of Taxes telling you which tax code number to use for each employee.
Form P9D
Summary of cash allowances and benefits paid to staff earning less than £8,500 a year. This form is to be completed at the end of each tax year.
Form P11
This is a deduction working sheet for individual staff recording details of staff pay, income tax deducted and national insurance.
Form P11D
Summary of individual employee’s expenses reimbursed and benefits in kind.
Form P11D(b)
Year end return for Employer’s Class 1A National Insurance contributions due on benefits in kinds paid to staff.
Form P14
Individual staff’s pay and deductions summary for the whole tax year and this form is to be sent together with Form P35.
Form P32
The summary of amounts paid to HMRC each month on PAYE deductions.
Form P35
The year end declaration form. This is used to summarize all the taxes and national insurance deductions from employees for the tax year.
Form P38A
This is a supplementary form to the P35 for employees paid without the deduction of tax and national insurance.
Form P38(S)
Supplementary form to P35 for recording students’ income where the student only work for you during school holidays and where his/her income is less than the personal allowance.
Form P45
This form is to be given to staff that is leaving your company. Part 2 and 3 of the form is to be given to new employer.
Form P46
This is used when a new employee does not have Form P45 from a previous employment or your new staff is starting work for the first time in the UK.
Form P60
Year end summary of an employee’s salaries and deductions for the whole tax year and a copy is to be given to the employee.
Concise Accountancy – Complete PAYE and Payroll Solutions For Small Businesses
