Final Giant Payroll

[dmini]

NI payments I would assume (maybe wrongly) they have calculated correctly - if so there is nowt you can do on them - it's just they've paid you more as salary, so you've paid more NI. You can do basic calculations on total salary for the month on a multitude of websites - either use them, or download the tables! NI is not cumulative, it is generally charged on either a weekly or monthly basis, and amounts reset at the end of that month

On your tax you should be on a cumulative code - so it shouldn't have an effect on tax overall, if you got no salary for feb & 2 lots in March, your allowances carry forward - so it sounds like the sums could be out

I would not both asking for a tax code change - just claim it back, on self assessment!

[TheRightStuff]

final Giant Payroll has been done and it was paid on the 5th April and was made part of March pay period. Great news and very efficient I thought.
however, I now have two payrolls for the March 07 pay period as it included also includes Febs pay - paid monthly.

Because of this I'm a couple of hundred quid short of what expected. Usually I get around a 79%-80% gross to net pay ratio. For March pay the % has gone down to 76.5%.

The biggest hits have been on employess social Security and tax and employers social security.

Called Giant and he said it's something about my monthly tax limit / tax code.
He suggest contacting HMRC for a rebate or to get my tax code changed for next month. Do I really want to contact big brother????

I did suggest to the Giant contact that I could just wait until I do 06/07 self assessment as it should eventually work itself out. He said it sounds like that would work but wasn't 100% sure. Any ideas???

[TheRightStuff]

GIANT E-MAIL SENT YESTERDAY

As a result of the changes for MSCs announced in the budget Giant Powerhouse will not pay dividends or expenses, for work done after 5th April 2007. All invoices for work done before the 6th April 2007 will be paid as salary, dividends and expenses as usual.

If your contract with Giant Powerhouse goes beyond 5th April 2007 the balance of the contract will be transferred to Giant Strongbox (our award-winning umbrella) for you to continue entering your timesheets and expenses in the new tax year. You need take no action and we will organise this with your agency.

Funds received from your agency on Wednesday 4th April 2007 will be paid as normal on Thursday 5th April 2007, where you are WEEKLY paid.

If you are MONTHLY paid and have a pay date between 6th and 9th of the month, you will be paid on the 10th April, unless you have already been paid in April. If your pay date is after 9th of the month you will be paid as normal.

If we have received funds from your agency on Thursday 5th April and you require funds on that day, please request an advance, BEFORE 12:00PM on Thursday 5th April, otherwise you will be paid on the next working day, Tuesday 10th April.

Over the Easter Bank Holiday period Giant's office will be closed but you will have full access to our website and your portal.

[TheRightStuff]

If you stick with Giant then won't your PAY got through strongbox and you lose out on money if money is not in your account by 6th April

Just spoke to SJD and Giant and they both say it's not when you get paid it's the actual days of work you invoice for. Giant can pay at the end of April and it will still be ok if it's for work done prior to April 6th.

[AZZIK]

If you stick with Giant then won't your PAY got through strongbox and you lose out on money if money is not in your account by 6th April

[TheRightStuff]

spoke to SJD - great advice as usual and very well explained in plain English. They've told me to stick with Giant until the 31st March and then appoint them on or after the 1st April. Another star for SJD.

[TheRightStuff]

I've opened my LTD and have instructed my agency to end the contract with Giant. they can make the end date 28-Feb as I was last paid at the start of March for work done in Feb. (paid) monthly. The agent have said they will then transfer my contract with a start date of 1-March to the LTD company.
All sounds good. However, the company was formed on the 19th March.
Can a contract start with a company before it was formed?
Should I actually get my work for March paid by Giant and then put my April work through the LTD?
Going to call agency and SJG to discuss but would also like your views.
Will report back later.
Over and Out.

agency not sure. Going to call SJD now.

[TheRightStuff]

I've opened my LTD and have instructed my agency to end the contract with Giant. they can make the end date 28-Feb as I was last paid at the start of March for work done in Feb. (paid) monthly. The agent have said they will then transfer my contract with a start date of 1-March to the LTD company.
All sounds good. However, the company was formed on the 19th March.
Can a contract start with a company before it was formed?
Should I actually get my work for March paid by Giant and then put my April work through the LTD?
Going to call agency and SJG to discuss but would also like your views.
Will report back later.
Over and Out.

[philip@wellwoodhoyle]

Have a look at

http://www.hmrc.gov.uk/employers/whe...-nics-paye.htm

May be relevant to you.

Basically, that is suggesting that if you became entitled to the earnings in, say, March, by virtue of the hours you worked in March, then perhaps Giant should put your wages in the March, i.e. the 2006/7 tax year, even though you were actually paid them in April. I think you need to check your contract of employment and maybe direct them to that web link - you may also need some professional backup from your new accountant or an employment lawyer to confirm whether the above link is relevant and applicable to your circumstances. At the end of the day, it seems to suggest that the payment date is not always the only determinant of which tax year the payments are taxed in.

[TheRightStuff]

Unfortunately not, seems it is the day you get the money...
Cheers

that's what I thought. Giant have been exterminated and going to put march payroll through LTD company after 5th April.

[gallotta]

Even if you got paid end of April, this money relates to March 06 so you should not be affected by the new legislation?

Unfortunately not, seems it is the day you get the money...
Cheers

[ContractIn]

Right. I've registed my company through SJD and I've appointed them as my accountants. Now do I put my final payroll (March) through Giant or do I put it through the new LTD company.

Giant are saying if all timesheets are entered correctly on the last day of the month then they can pay before the 6th April. This will mean it will go through powerhouse and not PAYE. However, if they mess up in anyway due to the surge in demand and because of the short turn around and end paying me after April 5th I could end up paying alot of extra tax.

Would it just be best to leave Giant now and ask them to put my leaving date as 28th Feb. Then put the March timesheet throught the new LTD company after the 5th April?

Even if you got paid end of April, this money relates to March 06 so you should not be affected by the new legislation?

[gallotta]

Same here

Right. I've registed my company through SJD and I've appointed them as my accountants. Now do I put my final payroll (March) through Giant or do I put it through the new LTD company.

Giant are saying if all timesheets are entered correctly on the last day of the month then they can pay before the 6th April. This will mean it will go through powerhouse and not PAYE. However, if they mess up in anyway due to the surge in demand and because of the short turn around and end paying me after April 5th I could end up paying alot of extra tax.

Would it just be best to leave Giant now and ask them to put my leaving date as 28th Feb. Then put the March timesheet throught the new LTD company after the 5th April?

I had the same problem, but the agency pays Giant on April 6th and therefore Giant refused to do anything before the 5th. if I needed any help in deciding if I wanted to go LTD, that was it

Cheers

[Bluebird]

I would guess it depends on what your contract with the agency says and the date at which your new arrangements start ?

You can't just invoice the agency from your ltd unless the new contract is in place.

[TheRightStuff]

Right. I've registed my company through SJD and I've appointed them as my accountants. Now do I put my final payroll (March) through Giant or do I put it through the new LTD company.

Giant are saying if all timesheets are entered correctly on the last day of the month then they can pay before the 6th April. This will mean it will go through powerhouse and not PAYE. However, if they mess up in anyway due to the surge in demand and because of the short turn around and end paying me after April 5th I could end up paying alot of extra tax.

Would it just be best to leave Giant now and ask them to put my leaving date as 28th Feb. Then put the March timesheet throught the new LTD company after the 5th April?