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Pay As You Earn - PAYE :
If you intent to pay a salary, then you will need to set up a PAYE (PAY AS YOU EARN) scheme with HM Revenue & Customs (HMRC). Tawanda offers this registration services free of charge to all new clients
HMRC will allocate a reference number to your company and the company will be required to deduct tax and National Insurance from any salaries paid to directors and employees.
There are several PAYE responsibilities you have as a director, the main ones being:
- Deduct and pay to HMRC, Income Tax and NIC from salary payments
- File Annual Returns to HMRC BY 19TH May after the end of the tax year.
- Report benefits and expenses paid to directors and employees by 6th July after the end of the tax year.
It is important that you get this right from the start, there are various penalties that can be incurred for not getting it right.
Tawanda EU Ltd Accountants
24, Milner Road, Gillingham,
Kent ME7 1RB,
UK
Phone + 44 787 296 2016
Email info  tawanda.co.uk
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