We offer high-quality corporate statutory compliance services in UK. Our services meet highest standards and meet all your compliance requirements. By placing your employees on our payroll, we take care of all statutory compliances such as RTI submission, PSA submission, Statutory Payments like SMP, PAYE, NI, Student Loan. Will deal with statutory compliances like:
- Pay as You Earn (PAYE)
According to HMRC, employers need to deduct tax (PAYE) on the payments to the employees. The same must be paid to HMRC after every payroll and reported via RTI submissions.
Details of the current tax slabs are given below:
Tax Rate (Band) Annual Taxable Income Tax Rate Personal allowance Up to £12,500 0% Basic rate £12,501 to £50,000 20% Higher rate £50,001 to £150,000 40% Additional rate Over £150,000 45%
- National Insurance
National Insurance (NI) is a social security system in the United Kingdom paid by workers and employers for funding state benefits like illness and unemployment. Employees and employers contribute equally a certain percentage of the monthly wages to NI. Deductions depend on the NI Category of the employee.
Details of the current NI slabs* are given below:
NI category letter Employee’s contribution Employer’s contribution A 12% 13.80%
*: these contributions for reference purposes only. The slabs change based on the NI Category and is different at different earning levels.
- Student Loan deductions
Employees need to payback the Student Loan that they have taken while pursuing their studies or post-graduation. They need to payback Tuition Fees Loan, Maintenance Loans or Postgraduate Loans. When the employee starts paying and how much needs to be paid depends on which repayment plan the employee is in.
Pensions is another form of social security benefit and it focuses on the welfare of the workers to improve their standard of living, working conditions and gives social security. Since 2012, all employees must be enrolled into the pension plan run by the employer depending on the criteria set by HMRC for auto-enrollment.
- RTI Submission
RTI is designed to make PAYE submissions more efficient – meaning employer needs to submit information to HMRC in real time, every time an employee is paid.
To learn more, contact us now.