All companies/businesses with employees need to register for a PAYE Employer Scheme with HMRC. PAYE stands Pay as You Earn which refers to paying the relevant taxes as the income is earned. It is a system that allows HMRC to collect tax revenues in a timely and organised manner. Payroll is the system of managing the PAYE scheme internally as a business (i.e. managing employee payment and tax records). Businesses need to ensure that employees are paid the right amount and on time. It also involves producing the relevant documentation when required e.g. P45 when an employee leaves your employment. As part of our inclusive service, Jaki & Son Ltd also offers payroll services. This means that as a business owner – you can be confident that you will only ever need to deal with one company for all your accountancy needs. For more information in relation to how we can assist with your payroll, please contact us for a free consultation.