Accounting and Payroll Service
Accounting and Payroll Service With Action Accountant, London
Chartered Accountants Managing Payroll Services
Administering your payroll can be time consuming, diverting energy and resources from the core activities of your business. And the task is made all the more difficult by the growing complexity of taxation and employment legislation and the accompanying regime of penalties for non-compliance.
Action Accountant, serves not only as a payroll assistant, but we are a leading London based accountancy firm, with decades of accounting experience. Action Accountant is a member of the Association of Chartered Certified Accountants and our accounting and payroll service is just one of the many accounting services that we offer our clients. Please Schedule a Meeting or Contact Us for details on how we can deliver a thorough review of your payroll policies.
Payroll Legal Requirements
Dealing with employee pay can be an extremely time consuming financial process within any size business. The legal requirements can be broken down into a number of basic areas.
- You act as collector of income tax (PAYE) and National Insurance Contribution for the government.
- Pay Statutory Sick Pay (SSP) and Statutory Maternity Pay (SMP) if due.
- Ensure you give equal pay to employees carrying out equal value work.
You need to make some basic decisions concerning how much each employee should be paid, and how often they should be paid (i.e. weekly, fortnightly, every 28 days or every calendar month). Bonuses, commissions, overtime, holiday and sick pay can be negotiated separately, and of course, all of the above should be reviewed at least annually with each employee.
Payroll Accounting for all Businesses
We offer our payroll services to businesses for whom it is not practical to perform these functions in house. We provide fully computerised payrolls with supporting payslips, and other monthly reports. We also produce the required year end documentation.
We can provide a comprehensive and confidential payroll accounting services, including:
- Customised payslips.
- Administration of PAYE, national insurance, statutory sick pay,statutory maternity pay.
- Completion of statutory forms, including year-end returns such P60,P45, to issue to your employees and submit to the Inland Revenue
- Administration of pension schemes
Maternity Pay (SMP)
Pregnant employees have several rights, such as not to be unfairly dismissed, maternity leave and the right to return to work. To qualify your employee must be a full time employee and have been employed by you for 26 weeks, continuing into the 15th week (known as the qualifying week) before the baby is due.
Sick Pay (SSP)
There are many rules governing how much and when it should be paid, and how much can be reclaimed under the small employer’s relief scheme.
If employees are doing broadly similar work or work of equal value, everyone should be paid the same and given the same terms of employment. You cannot pay one employee more than another on purely arbitrary grounds like gender.
Taxation and National Insurance
A significant responsibility for any employer is acting as a tax collector on behalf of the government collecting both Tax and NI contributions from employees’ pay. Any deductions made must be detailed in a written pay statement.
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