Payroll Services

Monthly Payroll Services

Payroll services include all the aspects of salary and payment to the employees of a business.

When we say Payroll then person thinks about payment of salary, wages and dues to the staff and workers of an organization but payroll has a much bigger picture than probably someone would think.

It includes not only the monetary aspects related to employees of a business but also the motivational effects which payroll has on the employees of a business.

This includes the constant appraisal and supervision of the whole human workforce of a business.

WeAccountax will feel honor in providing all the services related to payroll to your prestigious organization.

This includes management and planning of all the related matters of payroll in a tax efficient way, keeping in view the rules and regulations by HMRC.

What is included in the Payroll Services Management?

• The production and processing of all the employees’ payroll slips which are issued at each pay, after the deductions and calculation being performed.

What is a pay slip?

  • Payroll slip is issued each time an employee is paid and shows the Gross pay together with the deductions and Net Pay.
  • Gross pay is the figure before any deduction in the pay of an employee.
  • Deductions include those which change from pay to pay these include tax and national insurance, with explanations of these variable deductions.
  • Fixed deductions these don’t need any explanation by the employer.
  • The total amount of net pay after all deductions.
  • Includes figures like pay rate, other payments like bonuses and overtime etc.
  • It also includes the information specific to employee like Tax code, payroll number, National Insurance Number
  • Total calculation of salary, wages, bonus, commission together with the hourly rate.
  • Any expenses owed to the employee by employer via payroll and also an information if these are taxable or non-taxable.
  • Total amount of pension contributions, also the pension contributions made by the employer if any.
  • If there is any repayment of student loan this will be shown in pay slip.
  • There can also be running totals of tax and deductions in the pay slip.
  • Court orders or child maintenance deductions can also be deducted from pay slip in which employer can directly deduct unpaid fines or debt repayments handed to the relative party. Child support agency can also ask for a deduction from earning order for the maintenance of a child.
  • There can also be sick pay together with an explanation of company sick pay policy. It is treated as a wage or salary so it has all the implications for tax, NIC and other deductions. It can also be accompanied by occupational sick pay
  • Maternity, paternity or adoption pay is included in the pay slips
  • Different workplace benefits like health insurance and car these might also be included in the pay slip.
  • Total amount of net pay after all the deductions and other payments.
  • Planning and management of filing of PAYE under RTI (Real Time Information) system. Including the process for the starters and leavers of the employment.
  • Payroll management includes the communication with the finance department or bank of the business as well because for salaries to be paid there must be an amount present or shortly present in the bank accounts as these needs to be paid to the employees on time, any late payment affects the over all image of the business.
  • In large organizations, there must also be a strong coordination between auditing, accounting, and finance department in relation to payroll as there is a threat of ghost employees or double payment to the same employee.
  • The payroll management is a very hectic to do in UK as there are many aspects of payroll which have tax implications and also these implications can affect the employees’ morale and ultimately the workforce of whole organization, the human resource department has a high stake in payroll because poor payroll management can increase the employees’ turnover rate.

WeAccountax will provide you with all the guidance for a monthly payment of salaries, wages, and allowances.

We will give you advice about all the employees’ appreciation and appraisal methods and how to apply them in a tax efficient way so that you can just focus on your day to day affairs without any disturbances and can concentrate on your business growth

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