Set up opening balances
To set up opening balances for Construction Industry Scheme (CIS Construction Industry Scheme - An alternative to PAYE payroll for the construction indusry. Using the Construction Industry Scheme, contractors deduct money from a subcontractor’s payments and pass it to HMRC. The deductions count as advance payments towards the subcontractor’s tax and National Insurance.) Deductions, Apprenticeship Levy The Apprenticeship Levy is a UK tax on employers which is used to fund apprenticeship training. It is payable by all employers with an annual pay bill of more than £3 million, at a rate of 0.5% of their total pay bill. It is collected through PAYE alongside other employment taxes. Paid for the year to date (YTD The cumulative amount of an employee's earnings or deductions from the beginning of the current fiscal year up to the current pay period.), Employment Allowance A scheme where a business can claim a reduction in the amount of employer's National Insurance contributions (NICs) they have to pay. claims, Statutory Pay types, and employees:
- Go to company name, then select Edit details.
- Select More..., then Opening Balances.
- Select the relevant option for the balances being entered:
- Year To Date — for CIS Deductions, Apprenticeship Levy Paid YTD, or Employment Allowance Claimed.
- Statutory Pay — for recovered amounts and National Insurance A system of contributions paid by workers and employers in the UK, which funds various state benefits, such as the State Pension and Jobseeker's Allowance. Contributions (NIC) compensation for:
- Statutory Maternity Pay (SMP Statutory Maternity Pay is the pay an employer must give to female employees on maternity leave, for up to 39 weeks.)
- Statutory Adoption Pay (SAP SAP or Statutory Adoption Pay. If an employee is adopting a child with a partner, one of them may be entitled to SAP and the other may be entitled to Ordinary Statutory Paternity Pay (OSPP). SAP usually follows the same basis as SMP in terms of amounts of length of time.)
- Statutory Parental Bereavement Pay (SPBP Statutory Paternity Pay is the pay an employer must give to an employee who takes time off to care for their partner, for up to2 weeks.)
- Statutory Paternity Pay (SPP Statutory Parental Pay refers to the pay an employer must give to an employee who takes time off to care for their child, or surrogate's child, for up to 2 weeks.)
- Statutory Shared Parental Pay (ShPP ShPP or Shared Parental Pay. A person claiming SMP or SAP may end their leave early and the remainder used by another parent, this leave will be ShPP.)
- Statutory Neonatal Care Pay (SNCP)
- Employee Totals — to manage opening balances for individual employees.
- To save, select Save Changes.