This course provides substantial knowledge and information on the tools and operations involved in the basic calculations and preparation of a payroll. Students shall gain the competencies and skills to perform routine and non-routine payroll tasks with comprehensive knowledge and industry insights on payroll processes, identifying pay variations and entitlements, and the relevant calculations that lead to the final net wages figure. Essential procedures related to Pay As You Earn (PAYE) regime, Real Time Information (RTI) compliance, National Insurance Contribution (NIC), and taxation are provided with concrete examples to further students’ understanding of the standard payroll system in the UK.
Payroll processing is the mandatory process of paying employees for the work or service they’ve provided during a specific period. Businesses usually run a payroll system to standardise the provision of wages through a series of processes that enable them to make timely, correct payments and contributions in compliance with government rules and regulations. The payroll process usually includes an employee’s basic rate, overtime pay (if there’s any), income tax, insurance contribution and other benefits.
Businesses may outsource payroll services, do it manually, or use both in-house and outsourced payroll systems to split payroll functions and keep cost down while allowing for more control over the payroll data. Regardless of the medium used, it’s important to ensure that every data inputted into the payroll is correct and true to avoid penalties or punishment by regulatory agencies should a mistake occur. Those who are interested to work in this sector should equip themselves with everything they need to know to efficiently handle valuable aspects of the payroll cycle and reporting, including tax filing and calculating benefits and insurance contributions.
This course provides substantial knowledge and information on the tools and operations involved in the basic calculations and preparation of a payroll. Students shall gain the competencies and skills to perform routine and non-routine payroll tasks with comprehensive knowledge and industry insights on payroll processes, identifying pay variations and entitlements, and the relevant calculations that lead to the final net wages figure. Essential procedures related to Pay As You Earn (PAYE) regime, Real Time Information (RTI) compliance, National Insurance Contribution (NIC), and taxation are provided with concrete examples to further students’ understanding of the standard payroll system in the UK.
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Interest free credit agreements provided by Zopa Bank Limited trading as DivideBuy are not regulated by the Financial Conduct Authority and do not fall under the jurisdiction of the Financial Ombudsman Service. Zopa Bank Limited trading as DivideBuy is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority, and entered on the Financial Services Register (800542). Zopa Bank Limited (10627575) is incorporated in England & Wales and has its registered office at: 1st Floor, Cottons Centre, Tooley Street, London, SE1 2QG. VAT Number 281765280. DivideBuy's trading address is First Floor, Brunswick Court, Brunswick Street, Newcastle-under-Lyme, ST5 1HH. © Zopa Bank Limited 2024. All rights reserved.
