Basic monthly tasks if you run your own payroll

Source: HM Revenue & Customs | | 09/01/2018

One of the most time-consuming admin tasks associated with the running a small business can be dealing with the payroll.

Generally speaking, you can:

  • Run your own in-house payroll, or
  • Hire your accountant to do the work for you.

If you operate your own payroll, there are a multitude of tasks that must be completed each tax month. Tax months run from the 6th of one month to the 5th of the next.

This includes:

  • Using payroll software to record employees pay, deductions and National Insurance Contributions on or before each payday. You also need to consider other deductions such as pension contributions and student loan payments.
  • Producing payslips for employees. This may require different software.
  • Calculating any statutory pay such as maternity or sick pay.
  • Updating the system for new employees.
  • Reporting employees pay and deductions to HMRC by making a Full Payment Submission (FPS).
  • Calculating and paying HMRC all amounts due, by the 22nd (or the 19th if paying by post) of the month following the employees’ payday.  

There are penalties for late reporting and you must also comply with relevant legislation such as ensuring you are paying at least the minimum wage and keeping relevant records.

Planning note

If you are about to employ someone for the first-time or would like to consider what other options are available to manage your existing payroll, we would be happy to discuss how we can help. Alternatively, if you want to continue managing your payroll in-house, we can also advise on the best software packages to get the job done.


Latest News

Childcare voucher scheme deadline extended
17/03/2018 - More...
The government has announced that the employer-operated childcare voucher scheme will remain open to new entrants for a

Tax avoidance scheme scuppered by HMRC
13/03/2018 - More...
A tax avoidance scheme used by businesses that sought to avoid paying tax and National Insurance on company directors’

New offshore tax penalties
13/03/2018 - More...
New legislation that comes into effect from 1 October 2018 will see higher penalties for anyone with undeclared offshore


With our newsletter, you automatically receive our latest news by e-mail and get access to the archive including advanced search options!

» Sign up for the Newsletter
» Login


Search News

Our Address

Sterlings Ltd
Chartered Accountants
Lawford House,
Albert Place,
London N3 1QA


Company Registration No: 1357789
Registered in England and Wales
VAT No: 802 8138 49

Contact Us

tel: 020 8343 2255
e fax: 0871 474 2696
This email address is being protected from spambots. You need JavaScript enabled to view it.

Why Choose Us

Our Number

In the world of accountancy these are the only numbers you need -
020 8343 2255