This video covers the basics of payroll (PAYE) for small business, freelancers and entrepreneurs in the UK, although the principle can apply to the rest of the world. If you're a director or business owner and are responsible for payroll in your small business or enterprise, then this is viewing for you. Alternatively, you could be a one person freelancer who needs a basic payroll system to pay yourself a director salary or freelancer salary.OUR MISSIONMe & my team are dedicated to helping and empowering YOU to 'Know Your Numbers' so you can make calculated and informed decisions in your business, company and personal finances towards your definition of success.OUR PHILOSOPHYIf you take care of your numbers (finances), your numbers will take care of you, your family and those you value the most.Tax Codes in the UK 2020, a full listing → https://www.gov.uk/tax-codesWatch the complete PAYE and Payroll Playlist → https://www.youtube.com/playlist?list=PLd5lsoC3T-pZy2BxYng0Kck3SWJa1BeMI Subscribe to unlock the power of your numbers→ https://www.youtube.com/c/Aidhan?sub_co...TIMESTAMPS0:00 - Introduction 0:54 - A 5 step definition of payroll (and PAYE) 1:40 - Tax Periods and how often payroll should be processed 3:11 - PAYE reference no. and Accounts office reference no. 3:50 - Tax Codes - What are they and how do they work? 5:12 - Payroll example using a payslip (on-screen demo) 7:23 - Running payroll and issuing payslips 8:00 - RTi returns to HMRC. What is an FPS and EPS return that you have to submit to HMRC? 9:08 - Paying HMRC the tax and national insurance - what are the strict deadlines to pay! 9:56 - Late submissions and/or mistakes on your payroll? What happens? 12:15 - GOLDEN NUGGET .... (Watch to find out) If you want my & my team's expert payroll services for small business, freelancers and entrepreneurs you can arrange this through our website → https://www.aidhanfinancial.com/payroll-services/ If you want to get your tax code checked or advice on it, then please follow the link below: https://www.aidhanfinancial.com/payroll-services/ DISCLAIMER My videos are for general guidance, education and empowerment in helping you understand accounting, tax and your numbers. They in no way constitute specific advice to your specific circumstances. Me & my team would be delighted to help you with your specific queries or accounting requirements through a formal engagement. Please don't hesitate to book a call or drop us an enquiry at https://www.aidhanfinancial.com/ #payroll #payrollaccounting #payrollsystem