According to research by QuickBooks, 25% of the UK public don’t check their payslip, despite the fact that payslips contain vital information that every employee should be aware of.
A big reason that people may not check their payslips could be due to them not fully understanding all of the elements. As such, QuickBooks have created an interactive tool which highlights all the elements of a standard UK payslip, annotating each one to provide a further explanation and understanding of them, to encourage the public to ensure they are checking their payslips regularly.
Many employees may check their bank on payday, but not look at their payslips. However, it’s important for all to at least have a glance over a payslip every time it’s received, as various calculations could be incorrect.
Employees should check payslips if they are receiving sick pay, maternity or paternity pay, parental bereavement pay, or any other form of statutory pay. It’s especially important to thoroughly check them at the start of each tax year in April as tax codes can change, and it’s the employee’s responsibility to ensure these are accurate.
By law, all employers should provide employees with payslips, either electronically or printed. This must be given out on or before payday.
If employees spot an issue with their payslips, they must first contact the company’s HR department.
Employees must contact HMRC if they notice any issues with the statutory part of their payslips, such as tax codes, National Insurance, or student loan repayments. An employer cannot contact HMRC on behalf of employees.
QuickBooks interactive payslip can help employees understand their payslips, encouraging them to check them more often to avoid any issues.
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QuickBooks is an accounting software package developed and marketed by Intuit. They First introduced in 1983, their products are aimed at businesses of all sizes, whether you’re a sole trader, a small business, a bookkeeper, or an accountant. QuickBooks help manage your finances in real-time on their smart and secure platform. Automate your books, always know where you stand financially, submit your taxes, get paid and manage your employees. QuickBooks also have an award-winning support team that are always on hand to help via live chat, screen sharing and phone support – all free of charge.
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