Looking for PAYE Advice in the Ayr area?
Pay As You Earn (PAYE) is a system overseen by HMRC, under which employers deduct from employees' wages, salaries, pensions, etc, an amount of income tax and national insurance contributions (NICs) in accordance with PAYE codes, tables and other instructions and procedures laid down by HMRC.
Employers are legally obliged to operate PAYE if their employees' earnings reach the NI lower earnings limit. Operating PAYE can be a complicated process, which involves:
- Calculating and deducting PAYE income tax from employees' pay
- Deducting employee Class 1 national insurance contributions (NICs)
- Showing tax and NIC deductions on an employee's payslip
- Paying employer Class 1 NICs to HM Revenue & Customs
- Recording deductions
- Paying the deductions to HMRC within set time limits
Starting up in business?
As soon as you take on an employee, you need to contact HMRC and ask them to set up a PAYE scheme for you/your business. Upon registration, HMRC will send you guidelines, including a number of forms with which to operate the PAYE and NICs system.
This may seem complicated, and indeed operating a PAYE scheme can be difficult. IDS + Co in Ayr can help to save you time and by looking after your PAYE records for you.
Let IDS + Co ease the PAYE burden
Our team of specialists can maintain your PAYE records and make sure that your business complies with the PAYE and NIC rules. The Ayr team at IDS + Co can also help you to:
- Set up a PAYE system and register for PAYE
- Determine an individual's employment status
- Comply with the necessary regulations.
- Administer your payroll and PAYE
From April 2013, HMRC is introducing a new way of reporting PAYE, called Real Time Information (RTI). Under this system, employers must submit information about the payments and deductions they have made when or before each payment is made, instead of at the end of the tax year.
Operating PAYE can be an onerous task for business owners. As specialist providers of PAYE services in Ayr, we can look after your PAYE records and ensure that your payroll operates in accordance with the necessary obligations, including the new Real Time Information requirements.
Please contact us if you wish to discuss PAYE and business tax or need PAYE advice in Ayr and the surrounding areas.