I'm just staging with my first client, and although we've postponed, I've had to set up the pay periods and postponement deferrment dates etc. I'm hoping I've done it right - can anyone confirm this........
Their staging date was 1st Feb. They pay their staff monthly on 20th of each month, for the period 20th of one month to 19th of next.
Having read TPR info 20 times, I've sussed that they are on a monthly pay period, and as I'm using Moneysoft, the way I've set it up in NEST is to have a 'TAX MONTHLY' period - i.e. 6th of one month to 5th of next in line with the HMRC tax monthly period. (I understand that the software has to be set this way, from having spoken to Moneysoft - and TPR are aware of this and agree)
When it came to stating a deferrment date for the end of postponement, I've put 6th April, because this is the first day of the payroll period in the same month as the pay date that falls in the maximum 3 months postponement period (1st May) does this make sense!!!
So - this means that when I 'assess' the staff for their April 20th payment, everything will fall into place, however, what is totally confusing me is this........
How am I supposed to 'assess' the staff on this first day of the pay period, when I wont know what they're likely to earn until the client tells me the hours aroundabout 17th of the month, so I can run the payroll for payment on 20th month??
Have I done it right........or wrong????
Is it OK to assess the staff on 17th instead of 6th of the month???
What are TPR on about when they say that 'do it this way to give yourself maximum time to report the info to your pension provider'??