As per UK's standards, here are the steps one needs to adhere to before processing the pay:
Record their pay - include their salary or wages and any other pay.
Calculate deductions from their pay, like tax and National Insurance.
Calculate the employer’s National Insurance contribution that you’ll need to pay on their earnings above £183 a week.
Produce payslips for each employee (you can use different software if yours does not have this feature).
Report their pay and deductions to HMRC in a Full Payment Submission (FPS).
Payroll processing refers to managing the payment of wages of the employees.
The steps involved in payroll processing typically include gathering employee time information for a certain time period, managing benefits & deductions, and distributing employee pay for that time period.
We realise how important the process is, hence no part of our process is manual. We provide electronic payslips just to make sure of the digital documentation. We also help your register for Construction Industry Scheme (CIS) if at all.
The deductions that happen under (CIS) count as advance payments towards the subcontractor’s tax and National Insurance.
Our team works hard every single day to avail precise documentation of the entire process.
Moreover, payroll reporting is a huge part of our key responsibility areas.