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Frequently Asked Questions
We understand that you might have lots of questions when looking for an accountant. For this reason, we have compiled a list of frequently asked questions for you, which we hope will be helpful. However, if you have any further questions, please contact us.
If you have employees who, according to HMRC’s criteria, should be considered employees rather than independent contractors, you must set up a payroll system to ensure that they are paying the correct amount of tax. You may be held liable for the tax and national insurance payments that should have been withheld from their salaries and sent to HMRC if you fail to do so.
Salaried workers are typically paid once per month, while hourly workers receive their pay either once per week or once per month. It’s not uncommon for businesses to pay their employees every two weeks instead of weekly.
It is common practise to withhold CIS Payments and submit them to HMRC when paying subcontractors. To the extent such deductions are made, they are treated as prepayments of the subcontractor’s tax and National Insurance obligations. You must maintain complete CIS records and file monthly returns, or you could face a penalty.
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Meet the team
We are incredibly proud of our team here at Nichols & Co, with some of the best chartered accountants, accounting trainees, payroll specialists, auditors and tax advisors in Greater London. Check out our team below.