Payroll

Payroll refers to the process of calculating and distributing compensation to employees for their work. It involves tasks such as calculating wages, withholding taxes, deducting employee benefits, issuing payslips, calculating pension contributions and calculating other deductions.

Construction Industry Scheme (CIS)

The Construction Industry Scheme (CIS) is a tax deduction scheme that applies to construction contractors and subcontractors (in brief the effect of this is to move the responsibility for collecting taxes to the employer of the subcontractor).  Under the CIS scheme, contractors deduct money from subcontractors’ payments and send it to HMRC as advance payments towards the subcontractors’ tax and National Insurance contributions.

Ways we Help Our clients

  • Payroll processing – We handle payroll processing tasks, including calculating wages, and ensuring compliance with tax laws and regulations related to payroll for weekly, bi-weekly & monthly payslips.
  • Tax withholding and reporting – We oversee tax withholding for employees (otherwise known as PAYE or Pay As You Earn), ensuring that the correct amount of taxes and other deductions are deducted from employees’ payslips and accurately reported to HMRC
  • Compliance with employment laws – Our team ensures that payroll processes comply with employment laws, including minimum wage requirements, overtime regulations, and employee benefits that impact payroll processing.
  • CIS compliance – For our clients operating in the construction industry our team ensure compliance with the CIS requirements, including verifying subcontractors, processing repayment claims after a tax year has finished, and submitting CIS returns to HMRC.
  • Advice – we help our clients understand the difference between them having an employee/subcontractor and how that will affect them going forward to ensure that they can make good and informed choices.

Get in touch with us: 01243 251625, info@platinumas.co.uk

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