Setting up a new Company - HELP

[Mu Mu]

Hi,

 

A mate of mine is setting up a company but is struggling with nat ins and income tax when she pays her employees, what percentage should you deduct from the gross pay to cover this for example if thier gross pay is £1900 what would they net and how do you work it out???????

 

Thanks

[johnf1]

If she has employees , then she needs to register as an employer.

Any information for employers is available from the tax office and other gov. agencies.

The best thing your friend can do is get an accountant and pay them to sort the tax and N.I.

She can claim back any mony paid to the accountant through her business expenses.

[Meldrew2]

I used to use a software system that cost about £250 a year, but following a recommendation from a colleague I now use an on-line payroll service.

 

Payroll Site, Online PAYE Payroll just £5.75 month. UK Income tax / National Insurance calculator.

 

It's fairly easy to use, it costs £10 a month and it does all the calculations and returns, as well as allowing me to print out payslips from an pdf file..

[Guest wino]

If you register with Inland Revenue you will be sent an employers pack with all the info in to keep proper records of tax, NI, PAYE etc. The local tax office will also run free day courses to show you how to do everything properly.