The Basics of Payroll | Small Business, Freelancers and Entrepreneurs
🔴 This video covers the basics of payroll (PAYE) for small business, freelancers and entrepreneurs in the UK, although the principle can apply to the rest of the world.
If you're a director or business owner and are responsible for payroll in your small business or enterprise, then this is viewing for you. Alternatively, you could be a one person freelancer who needs a basic payroll system to pay yourself a director salary or freelancer salary.
★☆★ OUR MISSION ★☆★
Me & my team are dedicated to helping and empowering YOU to 'Know Your Numbers' so you can make calculated and informed decisions in your business, company and personal finances towards your definition of success.
★☆★ OUR PHILOSOPHY ★☆★
If you take care of your numbers (finances), your numbers will take care of you, your family and those you value the most.
⭐️ Tax Codes in the UK 2020, a full listing → www.gov.uk/tax-codes
⭐️ Watch the complete PAYE and Payroll Playlist → • Playlist
🔴 Subscribe to unlock the power of your numbers→ kzread.info?sub_....
⏱️TIMESTAMPS⏱️
0:00 - Introduction
0:54 - A 5 step definition of payroll (and PAYE)
1:40 - Tax Periods and how often payroll should be processed
3:11 - PAYE reference no. and Accounts office reference no.
3:50 - Tax Codes - What are they and how do they work?
5:12 - Payroll example using a payslip (on-screen demo)
7:23 - Running payroll and issuing payslips
8:00 - RTi returns to HMRC. What is an FPS and EPS return that you have to submit to HMRC?
9:08 - Paying HMRC the tax and national insurance - what are the strict deadlines to pay!
9:56 - Late submissions and/or mistakes on your payroll? What happens?
12:15 - GOLDEN NUGGET .... (Watch to find out)
If you want my & my team's expert payroll services for small business, freelancers and entrepreneurs you can arrange this through our website →
🌏 www.aidhanfinancial.com/payro...
If you want to get your tax code checked or advice on it, then please follow the link below:
🌏 www.aidhanfinancial.com/payro...
DISCLAIMER
My videos are for general guidance, education and empowerment in helping you understand accounting, tax and your numbers.
They in no way constitute specific advice to your specific circumstances. Me & my team would be delighted to help you with your specific queries or accounting requirements through a formal engagement.
Please don't hesitate to book a call or drop us an enquiry at 🌏 www.aidhanfinancial.com/
#payroll #payrollaccounting #payrollsystem
Пікірлер: 36
Thank you for watching our latest video. Please LIKE (if you genuinely did like the video) and enter any comments or questions (including payroll and tax questions) below. Our goal is help you know your numbers and understand the PAYE payroll system.
@tonydCFO
4 жыл бұрын
Hi Johnny, reputable contractor accountant services can vary from anywhere between £79 - £200 per month as a range. It depends on the level of service you need and the complexity of your financial affairs. On average we would suggest a decent, robust service should cost you around £120 p/m.
@tonydCFO
4 жыл бұрын
Hi Johnny, you're more than welcome to take up our service. If you want to find out more, get a comprehensive service & price plan or have a call with us to understand our services or anything else better, please don't hesitate to schedule a call by following this link: calendly.com/aidhan/discovery-call
@syedm4657
3 жыл бұрын
hi, your video is good on payroll. but if you could explain in detail how do the NI is calculated with he class and codes. gone through the HMRC website. it is confusing. Hence pls put a video on National insurance calculated in a payslip. thanks
Clear and very informative video. Really easy to follow, acceptable amount of humours to keep me engaged till the end 👍🏼
@tonydCFO
Жыл бұрын
Appreciate your comment and feedback Aiman 👍
Please can you make a video how to calculate pay adjustment, taxes manually?
This video has been very helpful. Thanks
@tonydCFO
2 жыл бұрын
Hi Raji thank you for your positive comment and support 😊 I'm really grateful that my content is useful and adds value to you.
This is a great video. Thank you
@tonydCFO
2 жыл бұрын
Many thanks Irene :-)
Well said, Much appreciation
@tonydCFO
2 жыл бұрын
You're welcome Sb Staysharp, and thank you for your support :-)
Nice clear summary. Thank you
@tonydCFO
2 жыл бұрын
You're welcome Ross, and thank you for your positive comment and support.
Great video. Thanks
@tonydCFO
2 жыл бұрын
Hi Ali, thank you for your positive comment and support.
Thanks :)
@tonydCFO
2 жыл бұрын
You're welcome Louise and thank you for your support :-)
thanks brother
@tonydCFO
3 жыл бұрын
Happy we could help you out Eso!
That screaming woman clip scared the life out of me, was on full volume too
Wow what a amazing ❤️❤️❤️🙄
@tonydCFO
3 жыл бұрын
Thank you Jaisree
Hi what's the best time to file FPS if payment date is 10 of coming month?
Please can you share the updated tax video to reflect 2022-2023 changes in limit and rate
@tonydCFO
2 жыл бұрын
There will be an updated payroll video releasing soon 👍
hello, I appreciate everything you do is very useful! if possible can you answer me please !? I just made my own company in England, the problem is that I am employed full time in another company, now the problem is that if my company does not work it has no sales because I am at the beginning what to do because I will not have where to pay taxes who don't even understand who has to be paid the lowest salary if you can tell me . Thanks
@tonydCFO
3 жыл бұрын
Hi Bambucea, this video should be able to help you kzread.info/dash/bejne/l5eWs8auopDfgZM.html
Please can you share what expenses you can pay to an unpaid director and also what expenses you can pay a volunteer?
@tonydCFO
3 жыл бұрын
Hi BBHair1, thank you for your comment - we will endeavour to cover this in a future video.
@BBHair1
3 жыл бұрын
@@tonydCFO Thanks.
I just registered for a payroll this month, can I use the payroll for 2019/20 year tax year? Because that's the only way I can claim my CIS money back. Please, I will be glad to your your advice!!! Thanks
@tonydCFO
3 жыл бұрын
Hi Fesocan, to back date payroll and CIS claims is not that straighforward, unfortunately. I can only suggest to arrange a scheduled call with my team who will advise what needs to be done once they have a complete picture of your circumstances. You can arrange the call here: calendly.com/aidhan/i-have-a-query-and-need-to-talk-with-an-accountant
Hi, Is there any free software that can be used to run the payroll including payslips?
@tonydCFO
2 жыл бұрын
There probably is Daniel, but free software is often clunky and unreliable - you can get a payroll provider to do it for you, for as little as £5 p/m per employee