Payroll Services
Accountants Chester – Xero Payroll Certified
We are Xero Payroll Certified, which means we have met the rigorous standards set by Xero to demonstrate our expertise in setting up and running payroll in Xero. This certification requires us to have a deep understanding of Xero’s payroll features, as well as the relevant legislation and regulations.
As a Xero Payroll Certified firm, we can help you with all aspects of your payroll, from setting up your payroll system to processing your payroll each week or month. We can also help you with any payroll queries or problems that you may have.
We are committed to providing our clients with the best possible payroll service, and our Xero Payroll Certification is a testament to our expertise and commitment to excellence.
Accountants Chester – What is Payroll?
Payroll is the process of paying employees for their work. It includes collecting employee information, calculating pay, withholding taxes, and distributing pay.
Benefits are an important part of payroll. They can help to attract and retain employees, and they can also help to improve employee morale and productivity. Some common benefits include health insurance, retirement savings plans, and paid time off.
If you are looking for help with your payroll, please email our Payroll Manager, Nicola.
Here are some additional details about each step in the payroll process:
- Collecting employee information: This includes the employee’s name, address, Social Security number, and date of birth. You will also need to collect information about the employee’s job title, pay rate, and hours worked.
- Calculating pay: This involves calculating the employee’s gross pay, which is their pay before taxes and deductions. You will then need to subtract taxes and deductions from the gross pay to get the employee’s net pay.
- Withholding taxes: You will need to withhold taxes from the employee’s pay, including federal income tax, state income tax, and Social Security taxes. You will also need to withhold any other taxes that are required by law.
- Distributing pay: You can distribute pay to employees by direct deposit or by check. If you choose to distribute pay by direct deposit, you will need to get the employee’s bank account information.
- Accountants Chester: If you are looking for help with your payroll, please contact our Payroll Manager, Nicola. She can help you with all aspects of the payroll process, including collecting employee information, calculating pay, withholding taxes, and distributing pay.
Benefits are an important part of payroll. They can help to attract and retain employees, and they can also help to improve employee morale and productivity. Some common benefits include health insurance, retirement savings plans, and paid time off. A trivial benefit is a tax-free gift that employers can occasionaly give employee. Read our blog, Trivial benefits – make us of the exemption, for more information.
Accountants Chester – Pension Auto-Enrolment
The UK government has introduced a new law that requires all employers to automatically enrol their employees into a workplace pension scheme. This means that your employees aged between 22 and state pension age, earning at least £10,000 per year, will be automatically enrolled into a pension scheme unless they choose to opt out. For more information, please read our recent blog post on Pension changes.
As your payroll and tax advisor, Phillips & Co Accountants can help you set up your pension scheme and get your employees enrolled. We will also make sure that your transition into automatic enrolment is seamless with The Pensions Regulator (TPR) guidance.
Call or WhatsApp us today on +44 (1244) 220-062 to learn more about how we can help you comply with the new law.
Accountants Chester – Tax Code Assignments
A tax code is a number that tells your employer how much tax to take out of your pay. It is based on your personal and employment circumstances, such as your marital status, any children you have, and how much you earn.
It is important to make sure that you have the correct tax code. If you pay too little tax, you may have to pay interest and penalties when you file your tax return. If you pay too much tax, you may be able to claim a tax refund.
Your tax code is assigned by your employer. If you are not sure what your tax code is, you can ask your employer or check your payslip.
If your personal or employment circumstances change, you may need to change your tax code. For example, if you get married, have a child, or start a new job. If you think your tax code may need to change, you should contact your employer or HM Revenue and Customs (HMRC).
You can find more information about tax codes on the HMRC website.
Here are some additional tips for managing your tax code:
- Keep a record of your tax codes. This will help you to check that you are being taxed correctly.
- Check your payslip regularly to make sure that the correct amount of tax has been deducted.
- If you think your tax code may need to change, contact your employer or HMRC as soon as possible.
By following these tips, you can help to ensure that you are paying the correct amount of tax.
Accountants Chester – HMRC Submissions
As an employer, you are required to submit payroll returns to HMRC. This is to ensure that you are paying the correct amount of tax and National Insurance contributions.
Phillips & Co can help you with this. We will ensure that your payroll returns are submitted on time and that your employees receive the correct amount of pay after deductions. We will also help you to understand the requirements and manage your payroll system.
Why is it important to submit payroll returns on time?
There are a few reasons why it is important to submit your payroll returns on time. First, it helps to ensure that you are paying the correct amount of tax and National Insurance contributions. Second, if you do not submit your returns on time, you may be subject to penalties. Third, late or incorrect returns can make it difficult to claim tax reliefs and other benefits.
What are the requirements for submitting payroll returns to HMRC?
The requirements for submitting payroll returns to HMRC vary depending on the size of your business and the frequency of your payroll. You can find more information on the HMRC website.
Accountants Chester – How can we help?
We can help you comply with HMRC’s payroll requirements. We will ensure that your payroll returns are submitted on time and that your employees receive the correct amount of pay after deductions. We will also help you to understand the requirements and manage your payroll system.
To get started, please contact us today. We would be happy to discuss your needs and how we can help you.