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Post Info TOPIC: Help running payroll for the first time!
sterlingfitness


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Help running payroll for the first time!
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I have just run payroll for the first time, but it's very confusing and I want to make sure I've done it correctly - can anyone help? 

 

I have submitted an FPS for the director and only employee. It is late but I was waiting for the activation code for PAYE from HMRC. 

 

The director got paid £719.33 by BACS, and so in the taxable pay section of the FPS I put in this figure. Is this right? 

It's showing that we will then owe HMRC when it's processed £143.80, but I think this is wrong. 

 

Can someone help? 

(and if I have done it incorrectly, what do I do now?) 

 

Thank you!



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Cheshire


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Are you a bookkeeper?

 

 

Edited to correct a typo

 



-- Edited by Cheshire on Tuesday 15th of October 2019 04:53:55 PM

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 Joanne 

Winner of Bookkeeper of the Year 2015, 2016 & 2017 

Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.

You should check out answers with reference to the legal position
Cheshire


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What has your Accountant suggested as the optimum salary based on your personal circumstances?

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 Joanne 

Winner of Bookkeeper of the Year 2015, 2016 & 2017 

Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.

You should check out answers with reference to the legal position
sterlingfitness


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No, I am helping my partner out with his business (he is the director mentioned), so I am doing my best!

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sterlingfitness


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£8632



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Cheshire


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There is insufficicent information to answer your query, but regardless of this fact, this is a forum for professionals not for giving free advice to business owners and their partners.

As you have no idea what you are doing running payroll, why are you not asking your Accountant to do this?

I mean what will it cost - a tenner/twenty? Will save you a fortune in the long run.

 

Edited to correct a typo - my spelling is terrible today!









-- Edited by Cheshire on Tuesday 15th of October 2019 05:28:17 PM

__________________

 Joanne 

Winner of Bookkeeper of the Year 2015, 2016 & 2017 

Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.

You should check out answers with reference to the legal position
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