PAYE

Business Loans Quote Line

0845 108 0505

• Home
• Credit Cards
• Loans
• Investments
• Life Insurance
• Mortgages
• Insurance

PAYE

If you are responsible for paying employees, you are also responsible for deducting income tax and National Insurance contributions (NICs) from their earnings before they receive them. This is known as PAYE (Pay As You Earn).

You then need to send the PAYE contributions to the tax collector by the 19th of each month (or the 22nd if you are paying via the internet).

PAYE also applies to:

• tips, bonuses and commission
• overtime and shift pay
• statutory sick pay and statutory maternity/paternity/adoption pay
• some expenses
• lump sum and compensation payments which are not exempt from tax
  
  

As an employer you are required to:

• calculate the amount of tax and NI due from an employee based on their personal tax code
• complete a Deductions Working Sheet

The Inland Revenue will send you a return form at the end of the tax year (5th April) in which you have to include full details of the pay and benefits for each of your employees.

Please complete a Quick Enquiry Form and we will arrange for one of our advisers to contact you.

Business-Loans.co.uk can give you everything you need to know about business finance. For the best deals available for personal loans, visit us at www.personal-loans.co.uk