Running payroll is an essential part of any business, as it involves paying employees for their work and ensuring that they receive the correct amount of compensation. However, it can also be a complex and time-consuming process, so it’s important to understand what it entails. Here are the key steps involved in running payroll: Collecting […]
When running your business, you must ensure you are paying your staff the new National Minimum Wage (NMW) and National Living Wage (NLW) rates for the period 1 April 2022 – 31 March 2023. The NLW is the minimum hourly rate that must be paid to those aged 23 or over and this rate is
Employment allowance is used to reduce an employer’s NIC liability. You can only claim against your employers’ Class 1 National Insurance liability up to a maximum of £5,000 each tax year. You can still claim the allowance if your liability was less than £5,000 a year. Are you eligible for employment allowance? You can claim
In the 2022 Spring Statement, a significant increase in the National Insurance Threshold from £9,880 to £12,570 was announced. This increase saw the alignment of the Primary Threshold (PT) for Class 1 NICs and Lower Profits Limit (LPL) for Class 4 NICs with the personal allowance of £12,570. This change was effective from 6 July
As a new business, there are a number of rules you must follow when you start to employ staff. When to register for PAYE is a question we often get asked. HMRC advise that you should register for PAYE as an employer before the first payday and this process must also be completed by directors
The Coronavirus Statutory Sick Pay Rebate Scheme was brought back in mid-January with firms becoming eligible to make back dated claims under the scheme from the 21st December 2021. The scheme allowed small and medium-sized businesses and employers reclaim Statutory Sick Pay (SSP) paid for sickness absence due to COVID-19. The scheme covered up to two
Coronavirus Statutory Sick Pay Rebate Scheme Closing Soon Read More »
If you are a small business owner then you probably think that hiring a payroll expert will be too expensive. You feel that you can handle this job yourself and you are probably right however here are 3 good reasons why you should outsource your payroll. You waste valuable time If you are not experienced
When small businesses grow, they often have to operate PAYE as part of their payroll and certain tasks need to be carried out each tax month. We thought now was a good time to explain how payroll works. Payroll systems manage everything there is to do with the process of paying employees and filing employment