What is a PAYE scheme?

What is a PAYE scheme?

A Pay As You Earn (PAYE) scheme is a unique account your company has with HMRC for your company payroll. Your company will pay any deductions made from employee salaries into this account, for example: income tax; National Insurance and student loan contributions.
    • Related Articles

    • Making PAYE payments to HMRC

      If you are paying yourself or a employees a salary, your company will have be registered as an employer and operate a PAYE scheme. A company / employer paying salaries to directors or employees must register with HMRC for a PAYE scheme. Income Tax, ...
    • What are the deadlines for payment of PAYE?

      Any PAYE (income tax and/or National Insurance) is payable to HMRC quarterly. PAYE periods run as follows: 6th April-5th July (payment due on 22nd July) 6th July-5th October (payment due on 22nd October) 6th October-5th January (payment due on 22nd ...
    • Workplace pensions and automatic enrolment

      Every limited company that employs workers and pays them a salary needs to be aware of their duties to enrol eligible workers into a workplace pension scheme.  What is a workplace pension? A workplace pension is a pension scheme set up and run by ...
    • Getting started whilst changing accountants

      The Provestor accounting software has many features that allow you to run your company and see your finances in real-time. To get you started we need to collate and input some information about your company and your accounts.  Once we have contact ...
    • Recording assets paid with personal money

      Occasionally you may incur a larger expense such as a new laptop or tablet. As these items have a longer life and are typically worth more than £100, they are classed as assets instead of expenses. These need to be recorded slightly differently in ...