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At BusinessWise Accountants, we speak your language with a team of qualified professionals offering expert accountancy services in over 20 languages.
What is payroll
A payroll is a list of all employees that are entitled to receive wages and other benefits from an employer; they all should be on the payroll register. A typical payroll submission consists of the number of hours worked by each employee, benefits received, wages or salaries paid, PAYE tax deducted, NI deducted, and any other deductions including student loans and pension contributions.
Legal obligation of payroll
Every employer has a legal duty to operate PAYE correctly, report to HMRC in real time, and pay the right tax and National Insurance on time. We take care of the entire process so you stay compliant and your employees are always paid accurately.
If you are already running a payroll
Switching your payroll to us is simple. We review your current setup, take over RTI submissions, manage pension auto-enrolment, and ensure a smooth transition with no disruption to your staff or HMRC reporting.
CIS services
CIS is the Construction Industry Scheme, and CIS payroll refers to the processing of payments from contractors to subcontractors under the scheme. CIS payroll can be done in-house or outsourced to a specialist. Any deductions under CIS are paid to HMRC, and a return is submitted showing what was paid to subcontractors. An employer can be registered with PAYE and as a contractor under CIS — a dual PAYE/CIS system lets an organisation pay different types of staff in line with HMRC requirements.
What are components of RTI
There are penalties of various natures that can occur as a result of non-compliance with RTI. Penalties under RTI include:
- Late filing penalties
- Late payment penalties
- Inaccurate submission penalties
- Failure to submit an FPS on time
- Failure to operate PAYE correctly
What are components of RTI
Join us for Free Consultation
Whether you’re looking to optimize your tax strategy, streamline your bookkeeping, or navigate complex financial regulations, our team of experienced professionals is here to guide you every step of the way. Book your free consultation today and take the first step toward financial clarity and success!