PAYE Registration

If you're intending to draw a salary from your LTD company, then you will need to register for PAYE

To ensure compliance with PAYE (Pay As You Earn), it is important to register before your first payday, once your company has been incorporated. The registration process for PAYE typically takes up to two weeks. To simplify the process, we can carry out this registration on your company's behalf. The software provided by Nasa can take care of all this for you, your accountant can confirm how much is due HMRC and by when.

Deducting & reporting PAYE:

• When it comes to deducting PAYE, as an employer, it is your responsibility to make            monthly deductions and submit them to HMRC (His Majesty's Revenue and Customs) within 14 days after the end of each tax month.
• There are two options for making PAYE payments. You can submit them online directly through the HMRC 'Online Return & Forms - PAYE' software or use third-party payroll software (in this case FreeAgent software).
• Employees should be able to view the amount of tax and NI deducted for each monthly period and the year-to-date on their payslips. At the end of the tax year (April 5th), it is mandatory to provide each employee with a P60, which is an end-of-year statement detailing gross income, deductions, and the net PAYE amount