For setting up PAYE for your employee, you need to
- record their pay,
- calculate deductions,
- calculate tax relief,
- calculate National insurance contributions,
- and report all of that to HMRC in an FPS (full payment submission).
For late filing, HMRC can send you a late filing notice, while penalties can be charged if you have no valid reason for late filing.
Filing taxes of every employee can be a hectic and time-consuming process. A company employee’s tax return may differ according to varying tax reliefs and tax deductions specific for each employee. While managing payroll deviates you from other administrative roles that need your attention. If you cannot manage in-house payroll, it is best to seek a professional support. Small businesses and entrepreneurs usually ask if hiring a payroll service worth their money, and the answer is yes! Especially when it can save you time that can be dedicated to the growth of your business. At Lyel Accountants, we are happy to help you. We make sure your employees get maximum benefits by factoring in all tax reliefs they are eligible for.
If you would like more information regarding this, get in touch with us on 0113 436 0002 or use the form below.