Payroll Tax Services London

Since the introduction of Real time information (RTI) in April 2013 administering payroll has become increasingly burdensome for many businesses which in turn takes more time and resources away from the core business functions.

Under RTI payroll information should be submitted to HMRC on the date salary is paid or before the salary is paid. The information is submitted electronically using HMRC online tools or can also be submitted using third party software via an FPS.

There are some exceptions to filing an FPS such as where the payment takes the form of a readily convertible asset.

PAYE Payment Dates

PAYE payments are generally made electronically and are due to be paid by the 19th after the end of the month. Each tax month ends on the 5th of the month. If the total tax and national insurance contributions are less than £1,500 per month on average the employer can make the payments on a quarterly basis. For these purposes, the four quarter ends are 5 July, 5 October, 5 January and 5 April hence PAYE payments can be made on the 19th of these months depending on the method of payment, electronic or manual.

End of Year Procedure

A form P60 must be given to an employee who earns employment income over the national insurance lower earnings limit. The deadline for providing this form is by the 31st of May after the end of the tax year which is the 5th of April. In addition to this a P11D must be submitted where applicable for employees who this applies to by 6 July following the tax year. Both forms can then be used by the employee to file there self assessment forms.

Employee Leaving

Where an employee leaves employment the employer is obliged to include the leaving date on the FPS submission. The employer should then provide a copy of the P45 (part 2 & 3) to the employee to provide to the new employer and use to complete their self-assessment where applicable.

New Employee

An employer would have to report a starter declaration for a new employee and determine what tax code must be applied to the employee.

Late Failing and Filing Penalties

It is worth noting that incorrect submissions, late filing, and late payment can result in penalties and interest payments due to HMRC.

At Emulous Accounting, we can help by

  • Registering your company for the PAYE scheme with HMRC.
  • Preparation of P11D, P60s, and P45s where applicable.
  • Calculation of monthly quarterly PAYE liability.
  • Submission of RTI returns with HMRC.
  • Preparation of weekly monthly payslips.

Pay Payroll Taxes in London Easily & Quickly with Our Expert Tax Advisory Services

As a leading firm of accountants and tax advisors, we provide professional payroll services in London. Our qualified and experienced team of accountants help companies file PAYE or pay-as-you-earn  returns accurately and on time to avoid fines. By providing one of the best services for dealing with payroll taxes in London, we have earned the trust of many clients.

Efforts to Streamline Payroll Process

After the introduction of RTI or Real Time Information by the UK government in April 2013, the payroll process has become time consuming and complicated, and staff are now required to spend more time and  resources ensuring compliance  . This results in, the company’s key staff members not being able to focus on core activities like financing, marketing, and other areas to develop the business. Our London based payroll tax experts offer tax advisory and compliance services to help you meet your PAYE obligations. 

Voluminous Paperwork

It is the responsibility of UK based employers to deduct income tax and national insurance at source in the UK through the PAYE system. There are a number of returns to submit every month which are required to provide detailed and complicated information to HMRC regarding employees and payments made to them. 

P45 is a form which is provided to an employee when he/she leaves employment.

P60 is a document that provides  an annual summary of income earned and tax paid for the tax year starting from 6 April to 5 April. 

P11D is a form to inform HMRC about the employees’ “benefits in kind,” (any benefits received from the company).

Our expert tax advisors provide all the forms to HMRC and employees to pay and comply with all payroll taxes and obligations.  We offer all services for paying payroll taxes on time ensuring all  deductions and reliefs  are claimed to help companies and employees have maximum benefits and to avoid penalties

We can help with your payroll obligations by:

  • Helping to register the companies with HMRC for the PAYE scheme
  • Prepare all payroll tax forms like P45, P60, P11D, RTI and EPS returns etc, 
  • Help to calculate monthly and quarterly PAYE liability payments
  • Help to prepare employees’ pay slips for every week or month and to submit payroll forms accordingly.

 

Contact us to learn more about how we can help with your payroll obligations.

For more detailed information and to arrange a free consultation tax return services willesden, please contact us.

13 Balmoral Road

Willesden Green

London

NW25DX

Company Number

11457978