- The implementation of PAYE (Pay as you earn) is to ensure that all employees with the business pay the correct amount of tax and NHI. Therefore, we use the latest Iris software to correctly calculate the deductions, produce payslips for each employee and full reports to enable the costs to be applied to the accounting ledgers each period. We also produce a PAYE Summary Report that states all the pay for each employee and, the deductions made each week/month, for easy reference.
- The filing and payments of the employee's tax & NHI, plus the amounts calculated of employer's NHI is required to be paid and filed Online by the fifth day of each month.
- At the year-end of the tax year which is the 5th April. Annual Returns are produced and year-end P35, P11d and P14/P60's are produced on which the employer is provided with for signature and filing, then we may complete the filing, but no later than the 19th May. Otherwise, late-filing penalties may accrue. Finally, it is also a statutory responsibility to ensure that all P60's are issued to all employees and those that have left the business during the year.
Although M. P Watson & Co, keep electronic records for the mandatory 6 Years, we recommend you keep the originals and them up for your security.
Copies can be requested at any time to keep your records up to date.