If you currently run your own payroll then imagine not having to worry about your payroll software updates, the ever changing payroll legislation and adequate payroll staff cover for sickness and maternity. We are convinced that you will make a saving using our specialist service.
Our online PAYE service takes care of all of the payroll needs of a small UK business. This includes the calculation of PAYE and NIC deductions from each wage payment and enabling you to print payslips. Our software is accredited by HM Revenue & Customs as meeting Payroll Standard, including electronic filing of P14 and P35 annual returns.
What is RTI?
The Pay As You Earn (PAYE) system has changed very little since it was introduced in 1944. Real Time Information, or RTI, is a new system that HMRC is introducing to improve the operation of PAYE.
RTI means PAYE information must be submitted to HMRC every time you pay your employees, in “real time”, rather than just once a year at Payroll Year End.
RTI will be introduced to all small businesses in April 2013 and will be mandatory for all employers by October 2013.
HMRC is introducing RTI for a number of reasons.
To simplify the PAYE process, making it less burdensome for both HMRC and employers.
To enable a more efficient response to PAYE errors such as under or over payments.
To simplify the employee starting and leaving process.
To support the introduction of Universal Credits, which will streamline benefits into one payment.
To reduce fraud and ensure people receive the benefits they’re entitled to.
To provide the Department for Work and Pensions with up-to-date information about each claimant’s employment income more efficiently.
Below is a summary of the different ways a small company could calculate the PAYE and NIC deductions from its monthly wages.
Payrolls for small and medium businesses:
- Calculation and amendments
- The calculation of statutory payments for sickness, paternity and maternity leave
- The processing of overtime, commissions and other payments
- The administration of student loans, pension contributions and all attachment orders
- Stationery and forms
- Security payslips and analysis by office, department or cost split centre reporting
- Completed End of Year Return forms P60, starter forms P46 and leaver forms P45
- E-filing of the End of Year Return forms P35 and P14
- E-filing may entitle your company to a tax free payment
- Weekly, bi-weekly, monthly payments.
- Setting up new deduction sheets at the start of the tax year
- Receiving and using new tax year tables
- Receiving and applying new tax year codes
- Monthly RTI submission
- Finalising form P11 at the end of the tax year – Deductions Working Sheet
- Completing the Employer Annual Return: P14s and P35 – submission online to ease paper load
- PAYE forms: P45, P46, P60, P11D
Most organisations seek a fully-managed service. We appreciate that all businesses are different; there is no one single payroll solution that will be suitable for every client.
We therefore offer you the ability to obtain a specific solution that meets your needs. For example, this may involve us advising you to change your pay frequency from weekly to monthly.
The processing of the payroll is only the tip of the iceberg with regards to the benefits of using biking bookkeeper as your payroll provider.The increasing complexity of UK government legislation means that many organisations find it difficult to ensure their payroll meets full legal requirements.
Contact us now for further information