Ready for 1st employee?

hwalkerh

We have just took on our first employee and i want to make sure i have done everything to be ready for first pay day.

All contracts signed, bank details etc gathered and i have just added the employee on the HMRC website and completed the P45 part 3 online.

Is there anything else i need to do before payday?

This will also be the first time I need to deduct student loan as directors wage is below the threshold. I know the HMRC calculator will tell me how much student loan to deduct but dumb question- who do i pay it over to? Do i just pay it with the normal monthly NI and TAX to HMRC?

thanks

Savvy_Sue

hwalkerh wrote: »

This will also be the first time I need to deduct student loan as directors wage is below the threshold. I know the HMRC calculator will tell me how much student loan to deduct but dumb question- who do i pay it over to? Do i just pay it with the normal monthly NI and TAX to HMRC?

Yes, you'll work it out with the tax and NI deductions.

Businesslink is worth looking at for taking on employees.

Owain_Moneysaver

Have you got employer's liability insurance? It's a legal requirement. You also need to inform your public liability insurers so your employee is covered.

hwalkerh

Yes we have sorted all the insurance and got the necessary HSE poster for the wall too.
Thanks

[Deleted User]

If the person is a Director then you might have to calculate using Directors National Insurance, I am not sure if the HMRC software allows for this or not as I have not used it.