Payroll Setup

What should you know!
What HDH Accountants can help with

Payroll Setup

Even with any new business, it’s inevitable that you’ll eventually take on employees to help when things get busy. Obviously any new employees will require you to pay them – this is where your payroll comes in.

Payroll means and involves? What is payroll?

‘Payroll’ defined is a list of employees within a company and how much they are paid. Payroll is more commonly used in reference to the employee wages and the records of the amount of money an employee has made over their time working for you.

Payroll is an essential role in any business where people are employed to work and is needed to:

  • Calculate the amount your employees will be paid
  • Calculate the amount of tax and National Insurance Contribution will you need to deduct from an employee’s gross pay
  • Employee pay details that need reporting to HMRC 
  • Pay your employees

Key things to know

Additional Funding Opportunities

There are many tax incentives, grants and funding initiatives available to UK businesses. Whether you’re a start-up or an established business, we can provide you with the crucial advice that will help you access additional cash to help your business grow. We are partnered with Counting King, an industry leading firm that specialise in tax incentives that can support you with accessing additional funding support. Get in touch to find out more about what cash is available to you today! 

Payroll Setup

Overview

Manage the list of employees within the company, how and when they are paid and manage making sure that they are paid minus all correct deductions for HMRC.

Overview

Manage the list of employees within the company, how and when they are paid and manage making sure that they are paid minus all correct deductions for HMRC.

Real Time Information

Understanding the hours worked and keeping a log of hours, sick time and overtime to collate the correct rate for payment is an essential part of managing a Payroll

Real Time Information

Understanding the hours worked and keeping a log of hours, sick time and overtime to collate the correct rate for payment is an essential part of managing a Payroll

Data Driven

Legally every employee has to pay tax and national insurance from their total gross pay and is the employers responsibility to ensure this is correct.

Data Driven

Legally every employee has to pay tax and national insurance from their total gross pay and is the employers responsibility to ensure this is correct.

For any help or advice please contact us:

Submit Before The 31st January

Self Assessment Tax Returns (SATR’s) are a necessary document which is required to be submitted to HMRC on an annual basis if you are in receipt of income which is not categorised by PAYE.

SATR’s are complicated and require detailed information in order to be completed and submitted compliantly. If these aren’t submitted on time or correctly it can be quite a stressful and costly time as HMRC impose multiple fines.

With updates to tax allowances and legislation each year it is always better to get professional advice to see what incentives and allowances you are eligible for to reduce your tax liability each year.

We provide a complete personal tax service for sole traders, partnerships, directors of limited companies and private individuals.

If you are unsure if you are required to complete a self-assessment tax return or what information should be submitted, then please contact us today.

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