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Simplify Your FinancesNo, you need to set up and operate a proper payroll scheme to pay your employee. When processing payroll we submit the income for each employee to HMRC and this helps HMRC advise employers what tax the individuals should pay. HMRC also use this information to identify if someone is entitled to Universal Credits so that individuals are paid accurately. We can help give you advice on employing new staff.
Although yes you can, currently, we recommend paying your staff by electronic transfer. It will help with your record keeping. If you do pay your employees by cash we recommend that you ask your employees to sign for the wages to confirm you have paid them.
This will depend on your employee’s age. You have to by law pay national minimum wage. This does change each year. If you would like advice on what to pay your employee, please contact one of our advisors.
It is likely that your employee or someone else will report you to HMRC. If you are found to not pay your employee National Minimum Wage you will be required to make any settlement payments and any tax or national insurance owed to HMRC. Penalties can also be applied by HMRC. We recommend taking advice from our team to avoid this.
We can help you do this by using our payroll service. We will be able to advise you on what your employee has earned and what tax and national insurance needs to be paid.
