• Payroll advice »
• Advice for employers »
• Advice for employees
• ePayslips Explained »
• Real Time Information (RTI) Explained »

We have been using Cox & Co. to run our payroll since 2007 and they provide us with a very cost-effective and stress-free way of managing our payroll.

Lisa Gibson,
Finance Director,
Portland Apartments

 

Advice for employees

Understanding your payslip

If you are employed you should receive a payslip for every pay period.

• Employee Number - This is the internal identification number your employer gives you.
• Salary - This is the amount you have earned before any deductions have been made. Your employer may break this down into components if you have done overtime or receive a bonus or commission.
• Holidays - Your employer may include details of holiday days you have taken, or have yet to take.
• Tax Code and Tax Period - Your Tax Code is very important as it tells your employer how much tax to deduct from your pay. If your Tax Code is wrong you could be paying too little or too much tax. The Tax Period relates to when the payslip is issued in the tax year (6 April to the following 5 April).
• National Insurance - You pay National Insurance to be entitled to certain state benefits, including the state pension. Your employer deducts this directly from your wages.
• PAYE TAX - Income Tax is deducted straight from your wages by your employer. How much you pay depends on your Personal Allowance and the amount you earn.
• Other Deductions - If you are contributing towards a company pension or repaying a Student Loan, it will be deducted from your wages. There can also be other deductions such as charity donation or a Christmas savings club, etc.
• This Period & Year to Date - These sections show the total Pay, Tax, National Insurance you have been paid or have paid.
• Net Pay - This is the sum of money you will actually be paid (after all deductions have been made) on your pay day.

If your tax code is wrong

Cox & Co’s systems are directly updated by HMRC. If your tax code is wrong, as an employee you will need to contact HMRC straight away so they can correct it.

HMRC will need to know your tax reference and National Insurance number. Look for these numbers on your payslips, P60 or Coding Notice

Contacting HMRC

Taxes Helpline - 0845 300 0627
Please have your National Insurance number with you when you phone
Opening hours
8.00 am to 8.00 pm, Monday to Friday
8.00 am to 4.00 pm Saturday

For customers who are deaf or hearing or speech impaired: 0845 302 1408 (Textphone)

Require some help? Contact us now to discuss your payroll requirements