Chartered Management Accountants | Milton Keynes
Most employees receive payslips and take them for granted, but what are the legal requirements?
All employees, including those working part-time and temporarily, are entitled to receive a written payslip on or before their pay day. The Employment Rights Act (ERA) sets out the required contents of a payslip:
Employers deducting premiums for pensions must show the deduction clearly on the payslip.
In practice, most employers give much more information than the basic statutory requirements. For instance, it is obviously good practice to analyse gross pay to show:
Use our payslip calculator to check your net pay.
It is also usual to show the period covered by the payment, and the date of payment.
When distributing payslips or other confidential information, it is important to be aware of data protection rules. The new requirements, known as GDPR, mean that it is unlikely to be acceptable for you to email unencrypted payslips to employees. We can advise you further if you would like more help understanding the requirements.
You can significantly reduce queries from employees by giving basic details such as:
We will address some crucial points on this guide, such as the taxes that need to be paid by landlords and tax-effective property ownership.
We share with you the top tips and tricks to ensure that filing the annual self-assessment form becomes as stress-free for you as possible!