For small businesses the process of payroll and payroll management has become nightmarishly complicated.
As a start up business you might be eligible for an NIC holiday, for a limited period and subject to meeting certain conditions. This could mean up to £5,000 from the employer NICs that would normally be due - for each of the first ten employees you take on.
In days gone by, staff wages would have been handled manually with someone writing in a ledger and handing out hand-written payslips with cash in an envelope. Modern software has now meant that this can be a thing of the past and can be handled more reliably and at minimum cost. The question is what do you need to know and which solution is right for you?
If you employ staff or are planning to do so, here are five tips that will save you money.
PAYE or Pay As You Earn is HMRC's system for collecting income tax and NIC or National Insurance Contributions. This article explains more...