Each company employing people is obliged to prepare a weekly or monthly Payroll List. While previously the tax office (HMRC) required only annual reporting by employers, from April 2013 the obligation to submit RTI (Real Time Information) reports was introduced with the frequency with which the employees receive remuneration. By entrusting your business to us, you can be sure that London Business Solutions will take care of the tax and social security calculation of your employees, the preparation of pay slips (Payslip) and the submission of an RTI on your behalf.
The correct calculation of tax and the value of insurance premiums (National Insurance Contributions) is the most important element in the preparation of the payroll. In calculating these charges, account must be taken of the employee’s personal allowance of £11,850 for the financial year 2018/19 and £156. 00 per week allowance for the employee’s insurance contributions. Above these rates, the employer is obliged to pay HMRC on monthly or quarterly basis.
In addition to keeping a payroll list, our specialists will also register new employees, deregister them and prepare P45 documents for them, prepare an annual tax return P35 on your behalf and submit it to the Tax Office.
If you are starting a new business yourself and need help in preparing and maintaining the Payroll in your company, please contact our advisors.
In addition, our offer includes individually prepared templates of employment contracts, agency contracts and business contracts that will certainly help you in your business.