Mar 062008
Once a payroll is in operation, HMRC lay down certain requirements as to what records and information needs to be kept. These include:
- employees names, addresses (and their dates of birth)
- gross pay, NICs, PAYE, other deductions, net pay (keeping a copy of their payslip would normally satisfy this requirement, assuming the payslip contained all the correct and required information)
- copies of the employees’ P60
- holiday, sickness, overtime, bonuses, commission details
- value of benefits in kind and expense payments
- amounts paid over to HMRC
Other information will also be required in the event of maternity/paternity/adoption and sickness/sick pay.
In addition to records relating to payroll, you will be required to keep records relating to other matters, for example: hours worked, pensions, holidays taken, accidents. (This is not an exhaustive list by any means)
