Online filing
Many software packages also make it easy to file your in-year starter and leaver forms and your Employer Annual Return online. They automatically transfer the necessary figures from your payroll records to these forms, which are then sent direct to HM Revenue & Customs over the internet.
There are separate deadlines for filing a number of other PAYE (Pay As You Earn) forms online, including employee starter . Whatever software package you choose, it's essential that you're ready for these deadlines.
Saturday, September 24, 2011
Easy way to Operating in-house payroll using commercial software
A computerised payroll will almost certainly be more convenient and less time consuming to operate than carrying out manual calculations, particularly if you're going to employ a number of people.
What will commercial payroll software do?
You'll have to record the employee's details initially. However, once you have done this, the software will:
calculate Income Tax, National Insurance contributions (NICs) and student loan deductions every payday
calculate the NICs you have to pay as an employer
produce pay statements for your employees
keep records of payments and deductions
The software will also produce the figures you'll need at the end of the tax year, and help you deal with other payroll related events, for example if an employee leaves.
Your software provider will send updates as and when necessary - for example, if a tax rate changes following the Budget. Make sure you install these updates so that all calculations are carried out correctly.
What will commercial payroll software do?
You'll have to record the employee's details initially. However, once you have done this, the software will:
calculate Income Tax, National Insurance contributions (NICs) and student loan deductions every payday
calculate the NICs you have to pay as an employer
produce pay statements for your employees
keep records of payments and deductions
The software will also produce the figures you'll need at the end of the tax year, and help you deal with other payroll related events, for example if an employee leaves.
Your software provider will send updates as and when necessary - for example, if a tax rate changes following the Budget. Make sure you install these updates so that all calculations are carried out correctly.
Checklist IS CONSIDERABLE MATER IN Outsourcing your payroll
Checklist - using an outsourced payroll supplier
Outsourcing your payroll to a third party will generate another overhead for your business. However, you might feel this cost is justified by the time and money that is saved through reduced administration costs and paperwork. Outsourcing your payroll can also make savings by:
allowing you to concentrate on other areas of business
reducing employee overheads as you'll no longer need to employ a payroll specialist
improving the accuracy of your systems as they're likely to be computerised
However, to reap these benefits you need to make sure that any contract you agree with an outsourced payroll supplier is written carefully. Make sure that you:
specify that they'll calculate tax and deductions accurately, given the information supplied
state that they'll make these deductions to your specific timescales
agree that they'll ensure mandatory requirements are completed or met within the regulatory timescale required
stipulate that in the event of their failing to comply with these requirements, provision is made for them to reimburse you for any resulting penalties
specify that they'll keep the necessary records of any taxes and deductions as required by HMRC
spell out that any additional payroll charges you might incur should be specified
specify that some provision is put in place for any future expansion of their service
Outsourcing your payroll to a third party will generate another overhead for your business. However, you might feel this cost is justified by the time and money that is saved through reduced administration costs and paperwork. Outsourcing your payroll can also make savings by:
allowing you to concentrate on other areas of business
reducing employee overheads as you'll no longer need to employ a payroll specialist
improving the accuracy of your systems as they're likely to be computerised
However, to reap these benefits you need to make sure that any contract you agree with an outsourced payroll supplier is written carefully. Make sure that you:
specify that they'll calculate tax and deductions accurately, given the information supplied
state that they'll make these deductions to your specific timescales
agree that they'll ensure mandatory requirements are completed or met within the regulatory timescale required
stipulate that in the event of their failing to comply with these requirements, provision is made for them to reimburse you for any resulting penalties
specify that they'll keep the necessary records of any taxes and deductions as required by HMRC
spell out that any additional payroll charges you might incur should be specified
specify that some provision is put in place for any future expansion of their service
OUTSOURCING PAYROLL
Most accountants offer a payroll service. Some may even run a specific department that deals just with this.
It might make business sense to ask your accountant if they can provide you with payroll services. They&'ll already be familiar with your business and might offer you a competitive rate as part of a package of services. Alternatively, you could outsource your payroll to a payroll agency.
Either way, you can normally specify the level of involvement you want from them. For example, you may choose to completely outsource your payroll or you may simply wish them to provide you with your weekly/monthly payslips.
However, before handing over your payroll operations, you need to consider:
whether the service provider can tailor a suitable package
whether they're experienced with your type and size of business
whether they can supply weekly/monthly payslips, and provide weekly, monthly and annual returns
the charge for setting up the payroll system
the charge for administering the system
whether the fees include making all the types of deductions
whether they charge any additional fees
how easily scalable their service is - eg, if you take on another employee
what software they use
It might make business sense to ask your accountant if they can provide you with payroll services. They&'ll already be familiar with your business and might offer you a competitive rate as part of a package of services. Alternatively, you could outsource your payroll to a payroll agency.
Either way, you can normally specify the level of involvement you want from them. For example, you may choose to completely outsource your payroll or you may simply wish them to provide you with your weekly/monthly payslips.
However, before handing over your payroll operations, you need to consider:
whether the service provider can tailor a suitable package
whether they're experienced with your type and size of business
whether they can supply weekly/monthly payslips, and provide weekly, monthly and annual returns
the charge for setting up the payroll system
the charge for administering the system
whether the fees include making all the types of deductions
whether they charge any additional fees
how easily scalable their service is - eg, if you take on another employee
what software they use
EASY 3 MAIN OPTIONS OF PAYROLL
outsource your payroll - you can pay an accountant or a specialist agency to look after all the necessary calculations and record-keeping
in-house electronic payroll - you use specialised payroll software to store employee records on a computer and calculate PAYE (Pay As You Earn) and National Insurance contributions (NICs) automatically
in-house manual payroll - you keep written records of each employee's details, and calculate PAYE and NICs yourself
Almost all employers are now required to file these forms online, so there are big advantages to maintaining your records in an electronic format throughout the year. Most commercial software will seamlessly transfer the figures from your payroll records into these forms and then allow you to file online automatically
in-house electronic payroll - you use specialised payroll software to store employee records on a computer and calculate PAYE (Pay As You Earn) and National Insurance contributions (NICs) automatically
in-house manual payroll - you keep written records of each employee's details, and calculate PAYE and NICs yourself
Almost all employers are now required to file these forms online, so there are big advantages to maintaining your records in an electronic format throughout the year. Most commercial software will seamlessly transfer the figures from your payroll records into these forms and then allow you to file online automatically
SIMPLE MEANING OF PAYROLL
'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.
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.
Monday, August 1, 2011
Sunday, July 31, 2011
Sunday, July 24, 2011
TALLY BASIC ACCOUNT
1st step : Click the tally icon on the desk top. Tally screen will open . If the cursor stops at the Select Company option, select the company where you are going to enter the transactions. If the cursor stands at create company follow the steps given under.
After fill all details above as Press Ctrl+A to save or press enter key again & again
Until it ask Accept Yes or No (press y to accept) . It’s over .The company creation is successfully done
Company creation is over , now try to enter some entries and verify how it will appear in report.
NOW SET UP THE CONFIGURATION LIKE THIS ON GATE WAY OF TALLY MENU
GATEWAY OF TALLY >PRESS F12 KEY>VOUCHER ENTRY
SET UP THE OPTIONS LIKE THE FOLLOWING
After fill all details above as Press Ctrl+A to save or press enter key again & again
Until it ask Accept Yes or No (press y to accept) . It’s over .The company creation is successfully done
Company creation is over , now try to enter some entries and verify how it will appear in report.
NOW SET UP THE CONFIGURATION LIKE THIS ON GATE WAY OF TALLY MENU
GATEWAY OF TALLY >PRESS F12 KEY>VOUCHER ENTRY
SET UP THE OPTIONS LIKE THE FOLLOWING
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