What Payroll Information needs to be reported to HMRC?
The answer is a lot!! If you’re running a small business and perhaps trying to run your own payroll too, it might just be that it is taking up quite a bit of your time, time that could be better spent growing your business.
Payroll, of course, is part of PAYE which is run by HMRC, who publish a great deal of information on their website to help businesses run their payrolls. However, sometimes this information? can be too complex or too lengthy to take in.
For example, in answer to the question in the headline of this article, this is what the HMRC website says:
As an employer running payroll, you should report your employee’s pay and deductions in a FPS on or before their payday (unless an exception applies). You should also send an EPS by the 19th of the following tax month for HM Revenue and Customs (HMRC) to apply any reduction (for example, statutory pay) on what you’ll owe from your?FPS.
“If you’ve not paid any employees in a tax month, send an EPS instead of a FPS.?
As you might have gathered from this, payroll can be long on detail and jargon; complex and confusing, even though HMRC are doing their best to help. If you don’t know what an EPS or an FPS is, however, it might take a while to find out. There’s even a button which asks: Too much detail, before leading the viewer to some simpler guides. But sometimes you need the detail. It can all add up to too much time being taken up.
Our Outsourced Payroll Service can make life easier
We offer a specialist, outsourced payroll service which takes the time and hassle away from you doing the payroll yourself. All of our clients are small businesses who do not have their own in-house payroll departments. We do all the hard work for them, payroll wise, including keeping up to date with all of the updates and new legislation that HMRC regularly implements.
If you would like to find out more about how we can ensure your payroll is run efficiently and accurately, contact us or call us on 0121 422 0550 for a no obligation FREE initial chat.