Unsure whether you need
to register for PAYE - Pay As You Earn?
As a Director of a newly formed private limited
company you may need to employ some staff or at
least pay a salary to the directors. This will
require you to operate PAYE and be registered as
an employer with HM Revenue & Customs (HMRC).
Once you know how many members of staff you
will employ and when your first payroll date
will be, you can complete your PAYE
registration. As an Employer, you are
responsible for deducting the correct Tax,
National Insurance and Student Loan deductions
and then paying these on to HMRC, either monthly
or quarterly. You may also need to claim for
Statutory Maternity/Sick Pay.
At the end of the tax year some official
forms will need to be produced, some of which
are filed with HMRC whilst others are handed out
to employees. This includes the P60, P35 and
P14.
If you have provided benefits any employees,
you will also need to deal with the tax
implications of doing so. If an employee
receives a benefit or is reimbursed for
expenses, a P11D and P11D(b) return will need to
be included and filed with HMRC.
Auxesia Accountancy are able to carry out
PAYE Registration for new startup businesses and
can take care of all your accounting and
taxation matters leaving you free to run your
business.
Bands of Taxable Income for 2011-2012
| Basic Rate (20%) |
0 - 35,000 |
| Higher Rate (40%) |
35,001 - 150,000 |
| Additional Rate (50%) |
over 150,000
|
| |
|
| Dividend Ordinary Rate |
10% |
| Dividend Upper Rate |
32.5% |
| Dividend Additional Rate |
42.5% |
Tips and
guidance on setting up your new company
If you have any questions and wish to book a
free no obligation consultation, call us now on:
Tel: 01277 725252 |
