Whether you are just starting out in business or have an established business and are looking for options in respect of your company payroll service then Payplus may well have the outsourcing solution that makes sense for your situation. Have a look at our Payroll Services page for the options available or if you think that an Online Payroll solution might be right then check that out.
If you are just starting out in business then consider the issues below as well.
In order to put your business on a proper footing with HM Revenue & Customs (HMRC) and other authorities, you need to make sure that it has the right legal structure.
It’s worth thinking carefully about which structure best suits the way that you do business, as this will affect:
- the tax and National Insurance that you pay
- the records and accounts that you have to keep
- your financial liability if the business runs into trouble
- the ways your business can raise money
- the way management decisions are made about the business
When starting out in business a lot of thought has to be put into the structure of the new business, this could take the shape of:
- A Sole Trader
- A Partnership
- A Limited Liability Partnership
- A Limited Liability Company
It is advisable to take professional advice when deciding on the legal structure of your business.
Once your new business is up and running the chances are you may well then be in a position where you need to employ staff and dealing with all of the paperwork that this entails.
Should your business be set up in the form of a Company you might need to register as an employer even if you’re the only person working in your business. As a one person Limited company you’ll be both an employer and an employee.
You need to check the list below should at least one of the following conditions applies to you or your new employee then you need to register with HMRC as an employer, and a PAYE scheme will be opened in your company name for your small business payroll:
- the employee already has another job
- they are receiving a state or occupational pension
- you’re paying them at or above the PAYE threshold
- you’re paying them at or above the National Insurance Lower Earnings Limit
- you’re providing them with employee benefits
If you need to register you can do so up to four weeks in advance of your first pay day.
Bear in mind that If you run a one-person limited company you are the employee as well as the employer, So if any of the conditions above apply to you as an employee you’ll need to register with HMRC for a PAYE scheme.
The situation may also arise where you are employing workers from abroad. In that case ceck our notes – Employing Workers From Abroad
If your feel your business is now in the position where it needs to register for a PAYE scheme and you could do with the help of a payroll service company then please contact Robin Mead on 0800 018 0590 or rmead@payplus.co.uk.
