The director(s) will normally draw a salary from the company and it is generally tax efficient to do so.
This will require the setting up of payroll system as wages paid to the Director(s) and any other employees must be reported to the HMRC on-line before the time of each payments.
This is known as the wages RTI (Real Time Information) system are there are penalties if not properly complied.
The only exception to the mandatory use of RTI is where the all wages payments are below a certain threshold and all employees are able to nominate you as being their main employer. If one employee fails this test then the RTI scheme must be used – and must be used for all employees.
Payroll preparation is become increasingly complication but we can handle all aspect wages and salary payments from input of gross wages, through to calculating PAYE/NI deductions and to preparation of the employee payslips and the on-line RTI notifications. We will produce P45’s if needed, and the end of year P60’s.
Payrolls can be weekly or monthly and the software we use ensures that we are fully compliant with HMRC statutory requirements.
We can set up new payrolls and take over existing ones. Where necessary we will register
Where necessary we will deal with registration of the Payroll with HMRC.
