PAYROLL & CIS TAX
Allow yourself to concentrate on your business by relieving yourself off the stress of payroll.
Payroll taxes fall into two categories:
- Deductions from an employee’s wages, widely known as pay as you earn (PAYE)
- Taxes paid by the employer based on the employees’ wages
What is the need for payroll taxes?
The deduction from employee wages, are simply meant to cover the payment of income tax, social security contributions, and various insurances (e.g., unemployment and disability). Whereas the tax paid by the employer needs to be paid from the employers own earnings based on the employee pay.
Employer payroll responsibilities:
From April 2013, employers must send details of salary, NIC, tax deducted etc. to HMRC each time they pay an employee. Therefore it’s highly important that you check all the information on your systems is up to date and that the correct names and National Insurance numbers for all your staff are recorded. If records are submitted with incorrect details this could result in incorrect tax calculations or HMRC compliance checks.
Errors on returns:
Although late notification penalties will notapply for the first year of RTI, HMRC will charge penalties under existing rules on employers who make PAYE errors. However, there is no penalty if you can show you have taken reasonable care to report the correct tax etc
The penalty rates for inaccuracies can be
- Up to 30% of the potential lost tax etc. – If the inaccuracy is careless
- Up to 70% of the potential lost tax etc. – If the inaccuracy is deliberate
- Up to 100% of the potential tax etc. – If the inaccuracy is deliberate and the person attempts to conceal it.
Late payments:
Penalties for late payment continue to apply. Employers should keep in mind that RTI will make it simple for HMRC to check that the payments due are being made on time therefore even those a day late can result in a fine.
HOW DOES IT WORK (WHAT’S INCLUDED)
We can help to provide you with an efficient and cost effective Payroll service including;
- Ensuring payments are made by due date
- Careful and precise work to avoid errors
- Organisation- avoid loss of records
- Quality payroll service
- PAYE administration
- Analysis and summary of staff costs
BENEFITS OF OUR COMPANY FORMATION SERVICES
We are your AIMS Business Partners, we help you to drive your business growth and will be with you in every single stage of your business;
Benefits of our company formation services are;
- Timely payroll service
- Precision- avoid penalties on inaccuracies
- Long term support
- Easily accessible team
- Confidentiality & honesty
WHAT NEXT
We have made it so simple
Initial Meeting (Call us, Meet us, E-mail us)
With our initial discussion, we assess your requirements and have a good idea of your Tax, Compliance & Payroll needs, we also provide you with our advice or a second thought on your ideas.
We can talk through all the available options suiting your business needs
Available Options
Once you are happy with the options and decided what best for you, for example, our business growth package, management reporting, credit control services. We agree on the frequency of reporting and deliverables. And then get sthe system set-up and ready for you.
On Hand Support
That’s all about it and you are now up and running. We spend time with you to make sure that we make it as simple as possible, we do not deviate from your existing system and apply our change management strategies to ensure everyone in your team is on board.
This starts the era of our ongoing support and business growth research, therefore, you get the best from our services.
Timeframe
The whole process should not take longer than a week, in some cases, we are happy to commence work from the very next day!
Switching to us:
We can understand the pain of switching a supplier, however, it is not at all like the switching a broadband supplier. In case have an existing accountant, our support process, will make it seamless. You offer a big thank to your previous accountants and we collect all the information on your behalf.
Get in touch:
If you would like to know more about our start-up services and would like to get an instant quote please contact us with no delay.
We also offer non-executive and FD services to your new business, that is demonstrative and more than what you get from a traditional accountant.
If you are setting up a new business or if you have already set-up a business and seeking to appoint an expert team of accountants who can provide attention to your new business and would like to get an instant quote please contact us 020 7636 3455 with no delay.
Request a call back by contacting us.