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Outsource your PAYE to a Payroll Colchester Accounting Firm By Brian Miller

  in Travel | Published 2016-08-03 06:09:25 | 146 Reads | Unrated

Summary

Like many business owners, the thing that gives you headache is payroll. It has a few accounting aspects that you probably don’t understand. One of these is Pay As You Earn (PAYE) and it is a method used by the HM Revenue and Customs to gather national insurance and income tax. Hence, you need a payroll Colchester or a VAT Colchester accountant to help you.

Full Content

Like many business owners, the thing that gives you headache is payroll.  It has a few accounting aspects that you probably don’t understand.  One of these is Pay As You Earn (PAYE) and it is a method used by the HM Revenue and Customs to gather national insurance and income tax. Hence, you need a payroll Colchester or a VAT Colchester accountant to help you.

 

As the employer, you will be expected by the HMRC to deduct PAYE from your workers and send it on their behalf. The problem is, do you know how much to deduct?  Correct deductions must be

made prior to paying the employee their salary. And this automatically means that you need a payroll Colchester accounting expert that has the ability to compute PAYE.

 

Any accountant is properly trained and tested directly on the job knows what they are doing. But it is cheaper to outsource work to such an accountant rather than employ them.  And if that’s the case, you need to search for Colchester accounting firms that do outsourcing business. What this means is that they just offer to do all accounting and bookkeeping duties from their offices.

 

They use their own workers and equipment too, and all you have to do is pay the agreed upon fee. These VAT Colchester firms have all sorts of accountants and so finding one that could do payroll is no big deal.  Note that you are expected to deduct PAYE from company directors and all employees and send money to the HMRC on 19th every single month. But the money needs to be received by 22nd every month when it is paid electronically.

 

These rules apply to employers who have to make deductions of more than 1500 pounds. If you have less than this amount, on average, you are allowed to send your PAYE quarterly. Regardless of when you are expected to pay, Pay As You Earn must be calculated accurately and that’s why you need a good payroll Colchester expert.  A lot of forms and regulations must be followed as long as you have an employee and these are best left to accountants.

 

It is even more economical if the accountants are outsiders because they will not need all the benefits that in-house accountants get. These experts are always alert to know when tax rates, regulations and allowances have been updated. Since they are in this profession, they are in a better position than you to know when these changes have occurred. As a result, it is highly unlikely that they would produce errors when doing your payroll.  

 

PAYE computation entails salary and wages, bonuses, commission, tips, overtime, statutory sick pay, lumpsum and other compensation payments, expense allowances and claims paid in cash, statutory maternity, adoption or paternity pay, and payments not made in cash like vouchers or shares. It is only a good accountant form a reputable VAT Colchester firm that can be trusted with your payroll work.  They know which benefits are exempted from taxation but are taxable income that should be reported to the HMRC.

 

If you want help with your PAYE accounting or any other, read our payroll Colchester website today. As well, if you want to know more about our VAT Colchester accounting department, give us a call today and we will help you.

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