Payroll: Tip of the Week

Payroll – That time of the year again

Another fiscal year about to end for your HR and Finance Teams and its time to close down Payroll and prepare the end of the year documentation to meet and comply with the statutory deadline:-

19th April 2010 To pay all PAYE/National Insurance/construction industry tax for the previous year 2009/2010

19th May 2010 Submission of PAYE returns (P35, P14 and P38a) for 2009/2010

Fine you might think (“We have the software”) but being conversant with payroll software and actually having PAYE, schedule E, experience of ITEPA 2003, i.e. the Income Tax (Earnings and Pensions) at 2003 are entirely two difference sets of expertise.

Can you check the accuracy of code numbers, deal with Termination Payments, Expenses Payments, Benefits in Kind, director and employees rewards, non-employed people receiving payments but not on your payroll - All Hot Topics of the taxman to challenge.

Would you take you car to be serviced at the butchers? I don’t think so, therefore take your payroll requirements and compliance services to the experts or you could be taking yourself to “The Butcher” - the tax man when he makes a call to say he is coming to inspect your payroll records and carry out Status Challenge;- usually at very short notice.

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