Payroll has no margin for error. HMRC expect you to report Real Time Information (RTI) figures accurately and your employees understandably expect their pay to be correct every time.
We can provide a complete payroll management service including producing digital or paper payslips of any frequency with your company logo in the header, advice on offering benefits to employees and how to minimise your company’s PAYE tax liability whilst ensuring compliance with any necessary pensions auto-enrolment duties required. Employers must send employees their P60 (a legal tax document) as soon as possible after the tax year, and a P45 if they choose to start a new job. We produce these documents for you to pass on to your employees each year.
Monthly and annual filing requirements are also taken care of, as are employee tax code updates sent direct to us from HMRC and further advice required throughout the year such as that concerning Statutory Parental Leave and Statutory Sick Pay. Any amount owed in National Insurance Contribution or PAYE tax is clearly explained to you and broken down.
Can LR Accounting contact HMRC on my behalf?
Yes. Once we have obtained official authority as your agent, which usually takes two weeks, we can speak with HMRC on your behalf about any payroll-related issue.
What is the current workplace pension contribution amount?
Effective from April 2019, the minimum workplace pension contributions increased to from 5% to 8%. The 8% total monthly contribution must be made up of a minimum 3% contribution from the employer and 5% or more from the employee. An total greater than 8% can be contributed but the employer must pay at least 3%.
Can my employees opt out of the workplace pension scheme?
Employees can opt out of any workplace pension scheme so long as they have chosen to do so freely and without any influence from his or her employer. They can do so by contacting their payroll administrator or by contacting the pension company, depending on the scheme. The opted out employee is usually entitled to have his or her pension contributions up to that date refunded.
Can I get a copy of my P60 from HMRC?
No. P60 are legal documents required to be issued to all employees by their employer at the end of each tax year. You can obtain other evidence of earnings and tax deductions from HMRC but a P60 can only come from an employer.