Most companies who wish to run a payroll have to operate a PAYE system; it doesn’t matter whether you have to pay the person £1.00 or £100,000 a year, the taxes have to be declared each month on an RTI (Real Time Information) system. The RTI tells the government each month how much you’re paying an individual and what taxes need to be deducted and then paid across to the HMRC.
Please watch this short introductory video to see how PAYE works.
If you wish to check your payslip why not use our Payroll Calculator which is linked to our online bespoke software to see whether the salary you intend to use is correct for you. When setting up with Liberty Williams we will talk with you about the salary level you need to take out of your business to make sure that your business is successful.