HMRC collect PAYE information as it happens in real time instead of at the end of the tax year. The term used to describe the changes to Payroll from April 2013. You stop paying National Insurance contributions when you reach State Pension age.Ī Year to Date figure is a figure that is the total figure up to this point of the tax year. Much you earn and whether you’re employed or self-employed. Employers deduct tax and national insurance contributions from employees wages or pension (depending on the pension) before paying you your wages or pension.Įmployees pay NI contributions to build up entitlement to certain state benefits, including the State Pension. PAYE is the method of paying income tax and national insurance contributions.

The world of wages is full of specialist payroll terminology and acronyms that payroll managers need to be aware of before they can begin to administration employee wages.īelow we explain a proportion of these phrases and terms in an easy to understand manner. Solution home General Payroll Knowledge General Payroll Terminology and Acronyms

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