SMALL BUSINESS PAYROLL EXPLAINED! (UK BASICS)

Рет қаралды 37,333

2 жыл бұрын

Thinking of taking someone on, or just paying yourself as a director? Then it’s likely you need a payroll (PAYE) scheme.
In this video Dan runs through the basics of how it works and the key points you need to consider.
Topics include:
How to run payroll in the UK
How to run payroll on HMRC
Payroll and HMRC
Real Time Information (RTI) reporting
Workplace pensions explained
PAYE explained
Directors payroll
Directors pay
..... and more!
HMRC Links:
www.gov.uk/register-employer
www.gov.uk/running-payroll?st...
www.gov.uk/paye-for-employers...
www.gov.uk/payroll-software
You can see more about what we get up to on the following:
LinkedIn (Dan Heelan): / danheelan
Instagram (Dan Heelan): / danheelan
Podcast: heelanhub.co.uk The HeelanHub Podcast, a show for small business owners.
Join our mailing list for tax tips at: www.heelanassociates.co.uk
Instagram (Company): / teamheelan
Facebook (Company): / heelanassociates
Twitter (Company): / heelanassocs
Web: www.heelanassociates.co.uk
Call: 02392 240040 Email: info@heelanassociates.co.uk

Пікірлер: 49

@IvarTheBoneless101 2 жыл бұрын

You've no idea how helpful this has been and I have absolutely been the numpty you described throughout the video haha

@HeelanAssociates 2 жыл бұрын

Glad it helped Ivar!

@chch1656 2 жыл бұрын

Fantastic advice, thank you!

@HeelanAssociates 2 жыл бұрын

Glad it helped Chris

@Thetravellingteacherjules Жыл бұрын

Thank you Dan

@HeelanAssociates Жыл бұрын

No problem hoped it helped!

@mygaraj1131 Жыл бұрын

Thanks for this helpful video. Do you have one on how to process salary advance(loan) and deduction

@HeelanAssociates Жыл бұрын

We don’t for an employee, but for a director we have these Director's Loan Info kzfaq.info/sun/PLkzy-8ym2nIjJ-lsv0XTfOn4xvjdYo0gw

@lf683 6 ай бұрын

Hi. Roughly 8 months into my ltd company and looking for my wife to join and support me. She works 3 days a week in her current job roughly earning £25,000. What’s the best financially and easiest way to pay her? Take her as an employee? Or is there a different way. Also, she gets pension etc with current so not needing any of that from me. Relatively simple our end but just unsure on processes

@umagongdi Жыл бұрын

You are amazing! What if I didn't want to employ through paye but using freelancers? Would I just pay them directly no paye?

@HeelanAssociates Жыл бұрын

Yes if they are in business in their own right.

@SD-wu5od 11 ай бұрын

Thank you

@HeelanAssociates 11 ай бұрын

Glad you enjoyed.

@banana5961 2 күн бұрын

Hi. I have a limited company. The company failed basically as soon as we set up. We havent earnt anything and never had a PAYE. Do we have to inform hmrc about not needing a p11d

@HeelanAssociates Күн бұрын

If you've never had a P11d /submitted one, and don't need one, then no there is generally nothing to tell HMRC.

@user-zc4ow2mx7p Жыл бұрын

Hi Dan - really helpful thanks. I am a new Ltd company and ran my first quarterly payroll this week using HMRC's free software (I am my only employee). The net pay has come out higher than the gross pay due to tax deductions made in April when I worked via an umbrella company. I assume that I pay myself the net salary including the tax rebate, but how does my business get the rebate from HMRC (£189)? I know how to pay any outstanding monies to HMRC but there is no guidance on how to claim a rebate that my business is having to pay. Any guidance would be much appreciated. Thanks, Kevin

@HeelanAssociates Жыл бұрын

Ah that’s a pain! Normally you’d knock it off the next time you owe them money, but chances are this won’t be the case. You have to contact HMRC employers department and discuss with them. Ultimately it’s possible, they can send you a cheque! 0300 200 3200

@itsmeethel5425 Жыл бұрын

Can I apply for Payroll scheme later months after starting a Ltd company and just declared it dividend ? Thanks

@HeelanAssociates Жыл бұрын

Yes payroll can be added at any time.

@jamieglazebrook7602 Жыл бұрын

Hi Dan, really helpful videos thanks. Having traded (sole trader) for several years I recently switched to Ltd company. I haven't paid myself anything since. Now I'm reading about rti reporting and PAYE and starting to wonder how I can backpay myself. I have applied for PAYE but only 9 days ago and have yet to be approved. Any guidance / links please? Thanks Jamie

@HeelanAssociates Жыл бұрын

You can technically submit the back dated returns through payroll software, or you could just submit an annual salary once.

@jamieglazebrook7602 Жыл бұрын

@@HeelanAssociates thanks Dan, am fishing my way through it all now and I am a lot more reassured than a month ago. All the best

@stuartswindell2835 10 ай бұрын

Im so confused i own a limited company with 2 of my friends, its a small production company, but i also own my own freelance self employed company, would it be eaiser if i just invoice them if i do work with the company ?

@HeelanAssociates 10 ай бұрын

Some people have this set up, just depends on a few factors including commercial reality. Sorry can’t advice on your exact situation here, but it’s not uncommon.

@nilesh5320 2 жыл бұрын

I am from India. Are there any online Uk Payroll certifications which are recognised and has a good worth as CIPP? Because CIPP appear little costly

@HeelanAssociates 2 жыл бұрын

Other than this, in UK you find there are less recognised but just as practical payroll courses offered by smaller training providers. No recommendations but you should be able to Google up a few.

@nilesh5320 2 жыл бұрын

@@HeelanAssociates thank you

@simm0071 2 жыл бұрын

How do treat bumps medical on payroll

@HeelanAssociates 2 жыл бұрын

Could you expand?

@boxingboxingboxing99 3 ай бұрын

Hi Dan, Really useful thanks mate. Just a question on directors; can I add any numbers of directors I like? I read that I can add directors who are one up/down, one left/right in my family tree. I’d like to add both my parents and sister who aren’t earning so I can introduce this cost to my business. Is this possible? Thanks mate

@HeelanAssociates 3 ай бұрын

Adding directors is no limit, you can add almost whoever you like. If you are looking to obtain a corp tax deduction when paying close family members (or anyone really), in general that cost still needs to be incurred wholly and exclusively for the business. Ie they need to have done work for the payment that makes sense. They don’t need to be directors for this.

@boxingboxingboxing99 3 ай бұрын

@@HeelanAssociates Thanks mate

@moaadzahri7559 2 ай бұрын

You are the best. Can I choose to pay my self from my limited company a total of £18600 as self-employed with having to register for pay-roll?

@HeelanAssociates 2 ай бұрын

If you are a limited company and want to pay yourself, it wouldn’t be as ‘self employed’ you usually decide salary, dividends, expenses or loan etc. If you paid dividends only for example you wouldn’t need a payroll scheme, but you might be leaving money on the table (see other videos)

@fareed7865 Жыл бұрын

where is the link to free software? also, can you show a step by step procedure how to register with HMRC as an employer

@HeelanAssociates Жыл бұрын

Hi Fareed, We don't really do step by step (mainly because our steps as HMRC agents are difficult to a business owners). Link to software: www.gov.uk/basic-paye-tools

@marinawoo6829 3 ай бұрын

Hi Dan, if I pay myself as a sole director of the company just £500 p/m and take some dividends, do I need to register for PAYE? I already do Self Assessment yearly because I am self employed in another business so I have a Pension already. Can I declare my salary on my Self Assessment instead or do I still need to register my company as an Employer?

@HeelanAssociates 3 ай бұрын

I won’t bore you with the technical arguments, but will just say for practical reasons alone you will generally want to register as employer and declare payroll to hmrc.

@bawarmohamed1209 Ай бұрын

as a computing student thats about to enter this business as a it technician what tasks should be expecting to take as someone who is seting a payroll business up what tasks am i supposed to do im abit confused and usure

@HeelanAssociates Ай бұрын

Could you expand on you question or narrow (!) the scope a little more? It’s quite a wide question, I’ll see if I can help.

@bawarmohamed1209 Ай бұрын

@@HeelanAssociates so my question is what should I expect as a it technician working for a payroll business as one of my close friends mutual friends are setting a payroll business up and I was wondering what type of tasks would I need to face and what would I need to know as a it/computing technician working in a payroll business

@n.a6493 2 жыл бұрын

Is it possible to have a portfolio of properties that generate £8k p/m? How many properties would I need and Could I use this method for other people

@HeelanAssociates 2 жыл бұрын

Ofc it is... technically :- ) This one is probably more of a property investors question that a tax one though.

@asadquayum684 2 жыл бұрын

what were you doing aged 26 with your life?

@HeelanAssociates 2 жыл бұрын

Probably playing a lot of world of Warcraft and figuring out what it it was like to be a dad to two young kids 😂 plus re training to be an accountant while trying make some bank on various side hustles. But also a lot of Warcraft 😂

@asadquayum684 2 жыл бұрын

@@HeelanAssociates Thank you for the insight into your life! Always wonder about the lives people have behind the face and profession, interesting to hear what you were up to at my age! haha