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HOW ACCOUNTANTS CAN PLAY A KEY ROLE IN PAYROLL

HOW ACCOUNTANTS CAN PLAY A KEY ROLE IN PAYROLL

One of the key elements of running a business, but one that is often overlooked in its importance, is payroll. Paying employees, understanding how much tax needs to be paid and also calculating National Insurance contributions is crucial. If done incorrectly, it can result in fines, unhappy staff and could, if handled particularly poorly, lead to bankruptcy. So, with that in mind, it makes sense you ensure everything associated with your company’s payroll is handled effectively, which means understanding what exactly payroll involves and how accountants can help.

1. WHAT PAYROLL CONSISTS OF

When you are sorting out payroll, you need a few details from your employees, including their full name, their primary residence, their National Insurance number and the hours they work (or their full-time salary). It is also important to keep track of any overtime worked or days off sick. All of this is vital when it comes to adequately calculating pay and any associated deductions.

2. DEDUCTIONS

Both the net and gross pay must be calculated and ultimately shown on every employee’s payslip. Every employee is required by law to pay a certain amount of tax and National Insurance, though this will be different for every individual. If the company has a specific pension scheme, or a particular medical scheme, then money may also have to be deducted to take these into account.

3. HOW TAXCARE ACCOUNTANCY CAN HELP

When it comes to calculating accurate wages and paying all of the relevant taxes, things can very easily get complicated, especially if it is not something you have prior experience of handling. Taxcare have extensive knowledge of all things associated with payroll and know exactly when all information needs to be gathered and how it can be calculated effectively, ensuring it is all done in a timely manner. Taxcare Accountants are not only adept at saving companies time and helping them avoid financial penalties, but they can also put the right procedures in place to make the payroll process as seamless as possible. This ensures that other members of staff who would perhaps have been forced to take on the task of calculating payroll – senior managers, for example – can get on with their day-to-day duties.

To discover how a trusted accountant can enhance your business’s ability to operate effectively, get in touch today.

Affordable Pay-monthly Packages

We offer a full range of services to limited companies, solo trader, partnership, charity, LLP, CIC as well as individuals. We have arranged our services into easy to choose packages that suit your needs.

Start-up
£ 60  / Month (+VAT)

This price plan is suitable for the start-up companies who are not VAT registered.

  • Year-end accounts preparation and submission
  • Corporation Tax returns
  • Payroll & RTI submission for 1 employee
  • Personal tax return [salary & dividends income only] (Free)*
  • File confirmation statement (annual return) with Companies House
  • Reference letters for Director only (Free)*
  • Assisting with correspondence from HMRC and Companies House
  • Unlimited face to face advice and email support
  • 1 Director
  • 1 Shareholder
  • Annual turnover should be less than 80K
Limited Company
£ 100  / Month (+VAT)

This price plan is suitable for the companies who are VAT registered and turnover is less than 100K with a couple of employees.

  • Year-end accounts preparation and submission
  • Corporation Tax returns
  • Monthly payroll including RTI submission for up to 2 employees
  • Personal tax return [salary & dividends income only] (Free)*
  • File confirmation statement (annual return) with Companies House
  • Reference letters for Director only (Free)*
  • MTD VAT returns submissions – quarterly
  • Unlimited face to face advice and email support
  • 1 Director
  • 1 Shareholder
  • Annual turnover should be less than 100K
Company Pro
£ 150  / Month (+VAT)

This price plan is suitable for the companies who are VAT registered; turnovers are more than 100K and have 2 directors and shareholders.

  • Company formation (if required)
  • Year-end accounts preparation and submission
  • Corporation Tax returns
  • Monthly payroll including RTI submission for up to 5 employees (Free)
  • MTD VAT returns submissions – quarterly
  • Personal tax return [salary & dividends income only] (Free)*
  • File confirmation statement (annual return) with Companies House
  • Reference letters for Director only (Free)*
  • Unlimited face to face advice and email support
  • 2 Directors
  • 2 Shareholders
  • Annual turnover should be less than 200K
Company Premium
Let's talk.  / 

This bespoke price plan is suitable for the companies who are VAT registered, with more directors, shareholders and employees. Also, annual turnover is more than 200k and requires further bespoke services.

  • Company formation
  • Year-end accounts preparation and submission
  • Corporation Tax returns
  • Monthly payroll including RTI submission all employees
  • MTD VAT returns submissions – quarterly
  • Personal tax return [salary & dividends income only] (Free)*
  • File confirmation statement (annual return) with Companies House
  • Reference letters for the all Directors (Free)*
  • Unlimited face to face advice and email support
  • Flexible and can be discussed
  • Annual turnover should be more than 200K

Add on Services

  1. Personal Tax Returns

    This price plan is suitable for self-employed individuals, landlords and those who need to submit Self-Assessment Tax Returns.

    If you need to submit the Self-Assessment Tax Return, we can offer you competitive prices starting from £150 + VAT. Price can vary according to your nature of income. Please contact us for more details.

  2. Tax Investigation
  3. Business Legal Support
  4. Company Formation
  5. Business Mentoring
  6. ARA accounting services for ATOL & ABTA travel companies

    Our commitment to you is that we’ll ensure all the information we’ve submitted to the Civil Aviation Authority is up-to-date and accurate. 

Taxcare Accountancy was formed to provide Small & Medium Businesses with an affordable, proactive and professional accountancy services…