'Payroll' refers to the records - paper or electronic - and calculations that you make to work out your employees' pay and deductions under the PAYE (Pay As You Earn) system. It covers all the payments you make to your employees, including:
wages and salaries
overtime
commission and bonuses
holiday pay
statutory payments (etc) - Statutory Sick Pay and Statutory Maternity, Paternity or Adoption Pay
Payroll covers things like employers' National Insurance contributions (NICs) and the value of perks and benefits too. It also shows all the deductions you make before paying your employees, like Income Tax, employees' NICs and any student loan deductions.
It's essential to your business that you pay your employees the right amount and on time - and that you make the correct deductions. So keeping accurate payroll records is really important.
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