ACCOUNTANCY SERVICES: HANDLING THE PAIN OF PAYROLL
Charterhouse offers payroll as part of its accountancy services to all levels of businesses in the UK. We offer basic and enhanced solutions where our aim is to:
- Help you through the complexities of administering a payroll service
- Offer our full payroll expertise to you
- Offer tax efficient solutions
- Help you through the new auto-enrolment requirements for pensions
We consider it important to meet requirements of accuracy and aim to leave you satisfied with our professional service, and save you time and money.
Whether or not you have in-house experience, we will provide the knowledge and service, including Pension Auto-Enrolment management and advice, to meet your immediate requirements and beyond. We are Subject Matter Specialists (SMS), we are a member of The Chartered Institute of Payroll Professionals (CIPP) and we have expertise in the Construction Industry Scheme (CIS).
Closely associated with payroll is the new requirement to setup a workplace pension scheme and, of course, to make the correct pensions payments. Auto-enrolment can seem complicated and so we will offer some guidance on this in our next newsletter. If you have any queries in the meantime then don't hesitate to get in touch.
FURTHER PAYROLL POINTS FOR CONSIDERATION
Payroll for Directors who wish to qualify for a NICABLE year
In respect of the new tax year (2017-2018), the new maximum annual drawings amount for the period 6th April 2017 to 5th April 2018 is £8,164 (£680 per month). This is the maximum amount before attracting any PAYE (Tax) or NIC (National Insurance Contributions), but still making you legible for a NICABLE qualifying year for basic state pension, and possibly other universal benefits. We can process a Director’s payroll on an annual basis to ensure that you qualify.
If you employ an apprentice with effect from 6 April 2017 you will be have a pay an apprentice levy each month if you have an annual pay bill of more than £3 million
The link below provides extensive guidance to explain the procedure.
Payrolling Taxable Benefits and Expenses
From 6 April 2017 you will have to pay employees' benefits and expenses via payroll. However, you must register for this service online before the start of the new tax year. If you sign up for this you won’t need to use form P11D on a number of exceptions. Use the following link for useful information relating to this, together with information on how to register for this service with HMRC online.
As an employer you can get up to £3,000 a year deducted from your National Insurance bill. This allowance can reduce an employer’s Class 1A National Insurance costs up to a maximum of £3,000 for each payroll run. There are restrictions on claiming this allowance, please use the following link to check your eligibility.
HMRC Thresholds and Tax Rates
Get in Touch
If this is of interest to you and if you would like to see how this could benefit you, please contact us today to discuss your requirements.