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Working Together Award
Principles Communications Limited
IT Skills Award
Greenwoods Menswear Limited
Constructive Feedback Award
Nexus Vehicle Management Limited
Adding To Business - Revell Ward support National Payroll Week
National Payroll Week was a great success, thank you for asking us your questions.
Call: 01484 538351
Do you know what your payslip means, don’t worry if not you can always follow the pointers below:
How is my student loan calculated?
You have to start paying back your student loan from the April following the year you graduate, your employer should receive notification to start deducting this from HMRC directly. The deduction should be 9% of everything you earn over £15,000 per year (£1,250 per month) before tax.
How do I know if my tax code is correct?
You should be able to find your tax code on your payslip. Most individuals of working age in the UK should have the standard tax code which is 747L for 2011/12. If you are not on this code you should receive an annual letter from HMRC explaining how your tax code has been calculated. If you are unsure you should contact HMRC and they can explain the calculation and amend your coding if necessary.
How does the Employers NI contributions affect me?
The employers NI contributions are an amount (currently 13.8% on earnings over £7,072 per year) which you employer pays directly to HMRC. It is a cost to your employer and does not affect your wages or net pay.
What does BACS stand for?
BACS stands for Bankers Automated Clearing Services and it is a method of making electronic payments between bank accounts. Most individuals salaries are paid by BACS in the UK.
What does my tax code mean?
Your tax code is the amount you can earn per year without paying tax for most individuals this is 747L. This represents the standard personal allowance which is £7,475 for 2011/12. Your tax code will be made up of two elements; a number and a letter. To calculate your tax free amount take the number and add a zero at the end, so 747L becomes £7,470. The letter tells your employer what to do when the government changes the tax free amount.
How do you know if NI deductions are correct?
Employees NI is charged at 12% on amounts over £602 per month (£139 per week) for amounts up to £3,540 per month (£817 per week) after which 2% is payable. If you are over the state pension age you should not have to pay any employees national insurance.
The Revell Ward Payroll Award winner will be announced later this week.
Our payroll service will:
· Save you time and money
· Give you complete peace of mind
· Provide experience of the latest rules and regulations
· Provide a confidential service
· Provide software training
· Be at the end of the phone
· Pay your staff through BACs approved software
To book an appointment give us a call.
No problem too big or too small.