Tyas & Company
Chartered Accountants, Registered Auditors, Tax, Business Advisors
Friday, 12 January 2018 00:01

Basic monthly tasks if you run your own payroll

One of the most time-consuming admin tasks associated with the running a small business can be dealing with the payroll.

Generally speaking, you can:

  • Run your own in-house payroll, or
  • Hire your accountant to do the work for you.

If you operate your own payroll, there are a multitude of tasks that must be completed each tax month. Tax months run from the 6th of one month to the 5th of the next.

This includes:

  • Using payroll software to record employees pay, deductions and National Insurance Contributions on or before each payday. You also need to consider other deductions such as pension contributions and student loan payments.
  • Producing payslips for employees. This may require different software.
  • Calculating any statutory pay such as maternity or sick pay.
  • Updating the system for new employees.
  • Reporting employees pay and deductions to HMRC by making a Full Payment Submission (FPS).
  • Calculating and paying HMRC all amounts due, by the 22nd (or the 19th if paying by post) of the month following the employees’ payday.

There are penalties for late reporting and you must also comply with relevant legislation such as ensuring you are paying at least the minimum wage and keeping relevant records.

Planning note

If you are about to employ someone for the first-time or would like to consider what other options are available to manage your existing payroll, we would be happy to discuss how we can help. Alternatively, if you want to continue managing your payroll in-house, we can also advise on the best software packages to get the job done.

 

Contact Us

Our expert team are here to help.
Click to contact us

 

Book an Appointment

We're just a phone call or a click away
Click to book a meeting

 

Ask a question

Need some advice. Ask us now.
Click to send a message

 

Our tax app

Check out our free Tax App.
Click for more details

Consultants

Stephen Tyas                             Stephen Ayres

 

 

Registered to carry on audit work in the UK as GBJ
Limited Liability Partnership by the Institute of
Chartered Accountants in England and Wales

Contact Us

Telephone: 01293 843900

Fax: 01293 614312

Email: office@tyas.com

5 East Park, Crawley, West Sussex, RH10 6AN

 

 

This website uses cookies to manage authentication, navigation and other functions. By using our website, you agree that we can place these types of cookies on your device.   Our Privacy Policy