Each month or quarter your company needs to pay any PAYE deductions to HMRC that have been collected through payroll.
A company paying salaries to directors or employees must by registered at HMRC with a PAYE scheme. Income Tax, National Insurance or student loan is then deducted from employees salaries and collected by your company. Each quarter (or sometimes month) your company needs to pay the collected deductions to HMRC.
inniAccounts will make this process really easy for you. We’ll calculate the deductions and when your company needs to make a payment, we’ll email you to let you know and put a reminder on your dashboard. All you need to do is follow the instructions and make the payment to HMRC.
At anytime you can view your PAYE calculations and payments in Taxes then click PAYE payments, or by clicking here.
Recording your PAYE payment
You should pay your PAYE payment using the payment details we provide. You’ll need to make the payment from your business bank account – once you’ve made the payment you should mark the transaction as paid during your normal bookkeeping activities.
You must ensure that your PAYE payment reaches HMRC on or before the given due date. If it doesn’t you may be subject to a penalty from HRMC.