Payroll & Pension Schemes

Employers are responsible for ensuring that all the necessary submissions are made accurately and on time. Failure to comply with tax obligations can result in fines or penalties, so it is essential to stay up to date with any tax changes and deadlines.

Outsourcing the administration of your payroll and pension scheme can ease the burden of compliance and will allow you to focus on your business without the worry of missing a submission or being caught out by a change in legislation.

Here at AML we offer a range of services including:

• Processing Payroll (monthly, quarterly or annually)
• Calculation and notification of PAYE and National Insurance liabilities
• Submission of pension information
• Monthly returns to HMRC (RTI submissions)
• Issuing of payslips, P45s and P60s
• Setting up a new payroll scheme (PAYE scheme)
• Advice on how payroll systems work
• Setting up and maintaining your pension scheme
• Advice and assistance with pension setup (auto-enrolment)
• Closing Payroll Schemes
• Integration with accounting software(payroll journals)

But what is a payroll and pension scheme?

A payroll scheme is a system used by businesses to process employee salaries and manage their taxes and other deductions. It also includes recording and reporting employee and employer contributions toward various social security benefits.

You must have a payroll scheme from the start of employment for each employee and must keep accurate records for at least six years. Each time you pay your employees, you must file a report with HM Revenue and Customs (HMRC) under the Real-Time Information (RTI) system.

You must also make sure you pay any PAYE tax and National Insurance contributions due to HMRC on time. If you do not, you may face penalties and interest charges. The deadline for these payments is the 22^nd of the next tax month if paying monthly or the 22^nd after the end of the quarter if you pay quarterly.

If you have employees who are eligible to join a workplace pension scheme, you must have a company pension scheme that meets the Auto Enrolment requirements. This must be administered regularly, and you must automatically enrol eligible employees into the pension scheme. You must also keep accurate records and communicate with your employees regularly about their pension contributions and options.

A pension scheme is a retirement plan that provides employees with a way to save for their retirement. A company may choose to offer a pension scheme as an employee benefit.

In the United Kingdom, if a company has at least one employee, they are required to set up a workplace pension scheme and enrol eligible employees into it. Employers must also make contributions into the pension scheme on behalf of their employees.

The employer is required to register the pension scheme with The Pensions Regulator and complete the necessary regulatory filings. These filings include annual reports on the pension scheme's finances and compliance with regulations.

Employers are required to make pension payments into the pension scheme on a regular basis, either monthly or quarterly. These payments must be made by the due date specified in the pension scheme's rules, and failure to make the required payments can result in penalties.

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