Bookkeeping and Accounting All-in-One For Dummies, UK Edition

Chapter 2

Employee Payroll and Benefits

In This Chapter

Preparing to pay your employees

Operating the new real-time information system

Calculating taxes

Dealing with benefits

Posting payroll

Paying HM Revenue & Customs

Unless your business employs just one person (you, the owner), you probably need to hire employees, and that means that you have to pay them, offer benefits and manage a payroll.

Human resources staff and bookkeeping staff usually share responsibilities for hiring and paying employees. As the bookkeeper, you must make sure that all HM Revenue & Customs tax-related forms are completed, and you need to manage all payroll responsibilities including paying employees, collecting and paying employee taxes, collecting and managing employee benefit contributions and paying benefit providers.

Before you proceed any further, visit the HM Revenue & Customs website at www.hmrc.gov.uk ...