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Sam
Sam, Accountant
Category: Tax
Satisfied Customers: 13973
Experience:  26 HMRC expertise, PAYE, Self Assessment ,Residency, Rental Income, Capital Gains, CIS ask for Sam Tax
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I am a small business and I intend to employ 5 people in the

Customer Question

I am a small business and I intend to employ 5 people in the coming month. However I need advice of pension and sick pay schemes. Also I doubt I will exceed the VAT threshold but how should I set prices then or display prices. For example if I sell product A for £30 does that mean theres no 20% charge or do I have set the price at £ 36.00 instead if so do i have to inform HMRC ? .
Please advise.
Best Regards
Benjamin
Submitted: 1 year ago.
Category: Tax
Expert:  Sam replied 1 year ago.

HI Ben

First if your profits (money you make) are less than £83,000 then you do not have tor register for VAT and so a product you wish to sell for £30 is just that £30 ( you do not add 20% VAT on top as you are not registered for VAT)

There are not sick pay schemes if your employees are off sick then you just follow the statutory sick pay rules - link here for your information

https://www.gov.uk/employers-sick-pay/overview

But you will need to give your employees an option for a pension scheme

This is set by the pension regulator - and the advsie you need is here

http://www.thepensionsregulator.gov.uk/press/pn15-31.aspx

and here for the step by step guide http://www.thepensionsregulator.gov.uk/en/employers

But first you would need to register with HMRC as an employer - and this can be undertaken online here

https://www.gov.uk/register-employer

They will then provide you with all the support you need, re payroll, operating PAYE in Real Time and paying deductions over yo HMRc monthly - and they also provide free online seminars, and we here at Just Answer can also provide any additional support you need s you enter into this new phase of becoming an employer

Do let me know if I can assist further

Thanks

Sam

Expert:  Sam replied 1 year ago.

Hi Ben

Let me know if I can assist further

Thanks

Sam