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PAYE is the deductions that are made by the HMRC from employees national insurance contributions and their tax income. Other deductions that fall under PAYE are student loans and pension contributions, if there are any. All these deductions are made on a monthly basis when the employee payroll is being prepared.
Each employee has a tax code that entails all the details that guide your employer about how they should be deducting the PAYE from your monthly payment. This tax code also takes into account all of your taxable state benefits and deducts them automatically from your income.
As an employer, when your business starts you will be required to register with HMRC the moment that you hire an employee, even if your business only employs a single employee. The PAYE registration must be completed before the business makes its first payment. During the registration the employer must provide details about the business as well as the details of the employees.
Although you are required to register the moment you hire your first employee there are other requirements you must also meet first.
What can we do for you?
Making sure that your company meets all its requirements is essential if you don’t want your business to face any issues in the future such as fines. With our help you can complete your PAYE registration without a hitch and ensure that all your paperwork is in order without much effort on your part. Call us now to set up an appointment to talk about your PAYE registration and how we can help your business be the best that it can be.