April. It is P60 time of year. Do you and your employees know what a P60 is?
Does your team read their payslips and understand them? What is a tax code? Why do they change? What does the letter at the end of the tax code mean? Employees should be encouraged to set up a personal log in to the government gateway so they can see their personal tax code information.
Do you run a business with employees? We can help you run a smooth payroll so you can feel happy that someone else is taking the responsibility and pressure away from you. It is easy to take over a payroll at the start of a tax year, we would need employee information and tax codes that were current in the prior year – we can manually input this information or import from a backup or download from your current software.
Many years ago, the HMRC ran classroom-based lessons in payroll and across the county big A3 orange paper forms were filled in and physical books of NIC/Tax tables were used.
The HMRC introduced digital RTI reporting (real time information) in 2013 – no more submitting paper forms!
In 2016, along came autoenrolment pension obligations – a burden to small business owners not just in terms of cost but in terms of time having to complete registration forms and learn the terminology.
There are many excellent software options for payroll, and we use award winning Brightpay. Clients who use us for our payroll service receive informative reports which can be tailored to the employers needs, the reports can be broken down including showing routine salary, overtime at different rates, unpaid leave, commissions, re-imbursement of expenses and notes on individual employee payslips.
Employees receive payslips by email.
BrightPay communicates seamlessly with Smart and Nest pensions and provides excellent spreadsheet downloads to then upload into other pension schemes. We are well experienced with Smart, Nest and Standard Life pensions.
***In Brightpay there is a special deduction option for Furlough Leave introduced for this new tax year and this means we can keep a good breakdown on an excel spreadsheet of which parts of the pay are for claiming through the HMRC Job Retention Scheme portal.
What a curve ball life sent payroll – FURLOUGH – and there are many businesses small and large who are truly grateful to the government to have offered this option. The details have come out bit by bit and as members of the Institute of Certified Bookkeepers and the Chartered Institute of Payroll Professionals we literally have access to teams who support us and liaise directly with the HMRC.
As the new tax year starts for 2020/2021 we feel privileged to support our clients through what is a truly stressful and anxious time with a calm and pragmatic approach. Would you like to have this support with your payroll?
If you would like to know more about our outsourcing your payroll to our team at Knutsford Admin Limited, where you and your employees are guaranteed a personal service please call Helen on 07507 897756 or Rebecca on 07479 358588.