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Payslips

The Employments Rights Act sets out the requirements of producing payslips for employees.

The requirements are that you need to supply an employee with a payslip on or before their pay day. This requirement covers both full time and part time employees.

The minimum information that a payslip must contain is;

  • Gross Pay
  • Net Pay
  • Amounts and types of all fixed and variable deductions
  • Method of payment
  • Deductions for stakeholder pensions

Whilst not a requirement under the Employment Rights Acts, most employees payslips also show the following;

  • Time period covered by the payment
  • Date of payment
  • Basic Pay
  • Overtime
  • Bonus or Commissions
  • Sick Pay ( including Statutory Sick Pay)
  • Holiday Pay

It is also wise to print an employee’s National Insurance (NI) number and PAYE Tax code on each payslip to reduce future queries.

If in doubt, always ask a qualified accountant such as Transform Accounting who will often be able to perform the payroll function and production of payslips on your behalf.

Loughton Accountant Transform Accounting  – Essex Accountants

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