Payslip Manager

Payslips

Have you looked at your payslip and found it confusing and not sure what your deductions are and what various codes mean?

Gross pay

If you look at the picture you will see first of all Gross pay and this is the amount you have been paid in the period of work before breaks.

Breaks

A lot of employees particularly in Logistics like to see what has been deducted for breaks so we have included this figure.

Overtime/Bonuses

Any overtime and Bonuses are also shown on this side of the payslip as this is all part of whats called gross pay (which means pay before deductions of tax and Ni).

Tax Code

Your Tax code is set by HMRC not us and the payroll software will apply this to your Gross Pay and deduct the relevant amount t of Tax. When you move to another Job you will be given a P45 and you need this to give to your new employer to make sure you get taxed correctly. The Tax year round from April to March and if say your Tax Code was 1060 l it would mean you can earn £10,600 tax free and then you get taxed on income above that.

National Insurance

You and your employer pay National Insurance once you are warning above the threshold and again this is taken from your gross pay and paid to HMRC. Your Employer also has to pay their contribution for employing you and like tax the more your earn the more you end up paying.

Expenses – Logistics and Recruitment

If you take part in an expenses scheme and depending on how it has been set up this may effect your pay and deductions. A lot of schemes allow expenses that are created as part of doing your Job to be offset against Tax and these typically include Lunch Allowances and travel the effect of this is that your net pay increases.These schemes have a limit on them of two years so if you are working at the same place after two years then you can no longer offset these expenses.

You can only claim for legitimate expenses that can be demonstrated properly, you must not claim for anything that isn’t relevant to the Job you do ie claiming you travel to work and its 20 miles when infact you walk and it’s round the corner.

If your not sure how it applies to you give us a call and we will be happy to talk you through.

What’s Included

  • How we pay you
  • Accessing your payslip
  • Understanding your payslip
  • Tax and National Insurance
  • Payday loans

If you are interested in having a no-obligation chat to see how we can help then please contact us.

Get In Touch