In the UK, the payroll is the list of employees in a company and their salary details. When you are on a payroll, it means that you are employed and paid regularly, often monthly or weekly. It can also apply to freelancers and independent contractors, for example actors, but it is more typical for full time employees and is done by PAYE.
Your salary is calculated by taking away certain payments such as:
You’ll see all of these deductions listed on your payslip, showing both your gross and net income.
For any business, setting up payroll is a requirement. You’ll use it to:
There are various different ways of doing UK payroll:
Be aware that you’ll have to send your pay deductions monthly to HMRC:
With any of these choices, you should make sure that you understand what’s involved. You’ll need all of the below information to be able to do the task yourself or to outsource it to an accountant:
Of course! The simplest route for you to keep on top of your payroll year-round is to outsource to an accountant! Contact our team today to take the first step towards an easier payroll and get a comprehensive accounting service!
We know that you have plenty to consider when you run a business, so we keep things easy for you. If you are interested in learning more about our services, simply leave us a message via our online contact form and a member of our accounting team will contact you to explain everything you need to know.