[UNITED KINGDOM, 07/11/2019] – Most employers are required to operate the Pay As You Earn or PAYE system of HM Revenue and Customs (HMRC). The legislation around PAYE is time-consuming and complex, burdening many business owners. Milestones Accountancy offers payroll services and other accountancy solutions to help companies navigate the system and ensure a smooth process from start to finish.

The Intricacies of the PAYE System

The PAYE System requires employers to make payments and reductions. First, employers must make deductions from the employees’ wages for income tax and national insurance. Other deductions include pension contributions and loan repayments. The remaining amount constitutes the salary the employee receives. On top of the regular payment are bonuses, sick pays and maternity pays.

Employers who decide to handle their payroll need to report deductions and payments to HMRC on or before each payday. Additionally, employers must calculate how much insurance and tax they owe HMRC.

Getting a Payroll Provider

Even with the help of a software or application, payroll can be hard to keep track of, especially for large companies. A payroll provider takes care of payroll-related tasks, from the calculations to report-making. Some providers offer additional services, such as keeping employee records and making all the payments to HRMC. Ultimately, payroll providers help business owners in their accounting concerns to free some of their workload, which lets them focus on other tasks.

Milestones Accountancy Solutions provides an extensive payroll service system. The company appoints a team member for each client, ensuring everything runs correctly and smoothly. The Milestones accountant will take care of the PAYE registration, payslips, PAYE reports and regular checks of the account.

About Milestones Accountancy Solutions Ltd

Milestones Accountancy Solutions is an accounting and bookkeeping firm serving Kent, London and Orpington. With more than 30 years of experience in the industry, Milestones offers a comprehensive array of accountancy solutions to clients in different business sectors. Expert advisors provide an outstanding accounting basis to companies while remaining compliant with any government-enforced changes.

Visit masaccountancy.co.uk for further details.