Benefits As well as a salary, companies will often offer additional ‘non-cash’ benefits to employees as part of their package. Unlike with salary, where both PAYE and National Insurance are automatically deducted from an employee’s net pay, non-cash […]
What is it? The Construction Industry Scheme, or CIS as it is more commonly known, was set up more than 50 years ago to deal with compliance issues in the construction sector. HM Revenue & Customs (HMRC) found […]
What to report As an employer, you are required to report details of your entire payroll via a ‘Full Payment Summary’ (FPS) each time your employees are paid. This means that if you pay weekly you will make […]
P60 At the end of each tax year, employers must provide all employees that were employed on 5th April with a P60. They must do this no later than the 31st May in either electronic or paper format. […]
When to register As an employer there are certain tax related obligations that must be met and a primary one for almost all businesses is “Pay As You Earn”, or PAYE. It is a legal requirement to register […]
National Insurance sees a further reduction The main highlight of the budget was a further 2% reduction in Class 1 employee National Insurance from 10% to 8%, effective 6th April 2024. This follows the recent reduction, announced in […]