PAYROLL, PAYMENT SERVICE | Wong Yip Accountants

PAYROLL, PAYMENT SERVICE

Payroll, payment services

Salary payment and payroll accounting services

The UK adopts a global tax system, which means that as long as you are a tax resident, your personal income needs to be taxed no matter which country it comes from. In addition, there are many tax items in the UK, and each tax residentIf between April 6 and April 5 of the following year:1)self-employed earning more than £1,000; or 2) a partner in a business partnership; or 3) Earnings of £100,000 or more as an employee, must declare all income after each tax year to calculate income tax, as well as capital gain tax (Capital Gain tax) and other miscellaneous items that are not in the Hong Kong tax system, for those who are not familiar with British taxation, or those who have just immigrated to the UK For humans, filing tax returns is a tedious and exhausting task. Depending on the situation, the tax returns to be filled are different. Therefore, it is an appropriate way to hire a licensed accountant to fill out tax returns and submit tax refund applications for you.

Setting up a payroll process in the UK

When the customer contacts us, we will carefully understand the customer's business status and salary payment requirements. If the customer has not registered a company in the UK, we will first handle the registration process for the customer to obtain the employer's PAYE login information.

Afterwards, we will recommend and arrange payroll software suitable for your business and payroll needs, so as to manage employee wage records, deductions and other information, to ensure that wage calculation, distribution and all records are correct, and will be processed during payroll Submit reports to HMRC and pay taxes on the day, and pay employees by check or bank transfer.

Withholding wages to pay taxes for employees Pay As You Earn，PAYE

Every employer in the UK has to calculate the tax he should pay for his employees, and then deduct the tax amount from his salary before paying the salary, and then pay it directly to the HMRC of the British Revenue and Customs. Before the day (online payment must be made before the 22nd day), the tax deducted from the salary will be paid to HMRC. In addition, you also need to provide a P60 form for each employee's salary every year, and submit a report to HMRC. Since the UK uses a real-time system (Real Time Information, RTI) to report all salary data to HMRC, employers must notify HMRC of any changes in employees or salary changes. We can handle all payroll-related issues and produce the required reports for you to ensure that the procedures and information are in compliance with UK regulations.

UK payroll/pay slips

In the UK, the items of employee payroll are not too complicated (the complexity lies in the calculation behind it), and a typical payroll will list the employee's gross salary (Gross Pay), net salary after deducting taxes and other contributions (Net Pay), variable deduction (Variable Deductions), such as income tax (Income tax) and National Insurance (NI), fixed deduction (Fixed Deductions), such as regular payment of union fees , Bonuses (Incentives), that is, overtime pay, tips, commissions, etc. In addition, there must be information on the tax code, the employee's National Insurance number (NI number), annual or hourly salary, allowances, etc.

FAQ

Employers need to deduct the taxes that need to be paid before employees pay salaries, including National Insurance (NI), and NI is a rather personal tax, which is further subdivided into six types of NIC. Employers must understand the employee's situation to judge Out of the employee's matching NIC:

Class A	Non-B~Z employees (most employees belong to A category)
Class B	married woman or widow
Class C	Employees eligible for state pension age
Class J	Employees eligible for NIC deduction
Class H	Apprentices under 25
Class M	Employees under the age of 21
Class Z	Employees under the age of 21 who can defer payment of NIC

If you have worked in the UK, you should find that basically every company uses a set of payroll software to manage employee salaries and record work details, because it is more convenient and efficient to operate. However, this is not a hard and fast rule. Employers can also use paper or general electronic form software to make payroll and records, but the premise is that the employer needs to understand the company's salary system, complex tax calculation laws and various regulations. Therefore, generally employers will pay the salary. The work is handled by a licensed professional or company.

FAQ

When does the employer need to pay?

What are the classifications of National Insurance (NI)?

Do employers have to use software to create payroll?

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