Businesses in the UK required by law to register for PAYE and act as tax collectors for HM Revenue and Customs if they are employing people and paying them salaries and wages. PAYE stands for Pay As You Earn.
For limited company, where the director is also the owner of the company, as long as the director is withdrawing monies from the company through salary payments. The company must register for PAYE and file PAYE forms to HMRC. Proper payroll processing records must be maintained.
The director is the employee of the company and PAYE must be operated on all salaries and bonuses paid to the directors.
Under the PAYE scheme, the company as the employer is required to ensure accurate income tax are deducted from the employee's wages and salaries including the employees’ national insurance contributions (NIC). The amounts deducted from employee's pay including the company's share of the national insurance contribution called employer’s national insurance contribution must be paid over to HMRC.
Outsource Payroll Processing to Accountants
Concise Accountancy offers payroll processing services to growing businesses and small companies. Discuss your payroll requirements with our payroll accountant, they will be more than happy to assist you and provide you with the best priced PAYE payroll package.
Our accountants will process your payroll including payslips for your employees for you. We will also complete the relevant forms for PAYE purposes and submit to HMRC for you.This provides you with the time to making your business a success.
Concise Accountancy - complete payroll solution for businesses