The basics of payroll
Payroll is a crucial part of your operations. The Government requires you to account for and collect tax and National Insurance (NI) and report it online under the 'Real Time Information' (RTI) PAYE system. There are penalties for failure, missed deadlines and inaccurate data.
The many complications include processing statutory pay, pension contributions and personal details such as loans and student loans. But few employees will tolerate being paid late or incorrectly.
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