In order to remain competitive and attract investment, the UK government has made it fairly easy to set up and run a business in the UK. In order to set up a payroll – a key component of the process – all you need is a UK address.
Once you’ve secured your address, you can then set up the following three crucial elements. Once these are in place you can begin to hire staff, set up your UK operation and run your business.
1. PAYE reference number
A PAYE reference number is issued by the HMRC (Her Majesty’s Revenue and Customs) as a unique identifier for them to track payments of tax and National Insurance owed by you and your staff members. It comes in two parts, in the format 123/AB12345. You can register for a PAYE number via the HMRC’s online portal or by simply giving them a quick call. Remember that you must register for a PAYE reference number before the first pay day or two months before you want to begin paying staff and bear in mind that it will take up to five days to receive your number.
2. Pension provider
Following the Pensions Act 2008 every employer in the UK must put eligible staff into a workplace pension scheme and contribute towards it. This is called automatic enrolment or AE. If you employ even one person you are an employer and must comply with the act. The UK pensions market is diverse and competitive with many pensions providers.
3. Bank account
You do not need to have a UK bank account, you can simply transfer funds from an existing international account. However, do bear in mind the exchange rates, and their fluctuations, and any transfer fees when doing so. For many employers it makes sense to open a UK bank account or to use your payroll providers account in order to transfer funds. It is also important to note that many pension providers will require you to have a UK bank account, this is because most will only accept payment via direct debit which can only be done through a UK account.
How can Quinton Oakes help?
At Quinton Oakes, we will assist in registering for a PAYE reference number, we have experience and relationships with a carefully selected number of pension providers and can help you select the right provider for your needs and we offer a payment service which allows clients to deposit funds directly into our business account and from there it can be dispersed to employees, the HMRC and third parties, including pension providers.
We will work on your behalf to set up a payroll, allowing you to concentrate on finding the right employees and talent for your business and to focus on running your business. Our expertise and knowledge allow us to help you make the right decisions. Allow us to be your partner, give us a call today.