Difference between revisions of "How do I deal with cycle to work schemes?"
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== More Information == | == More Information == | ||
| − | Create an attachment record for the scheme following the steps in [[How do I | + | Create an attachment record for the scheme following the steps in [[How do I set up payroll adjustments?|this]] article. |
{{Warning|text=Please consult your documentation for the scheme you are offering. Seek advice from your accountant or HMRC if you are unsure of the effect on Tax, National Insurance, Pensions and any other additions/deductions to pay. When creating the adjustment record you must ensure you specify the correct settings. }} | {{Warning|text=Please consult your documentation for the scheme you are offering. Seek advice from your accountant or HMRC if you are unsure of the effect on Tax, National Insurance, Pensions and any other additions/deductions to pay. When creating the adjustment record you must ensure you specify the correct settings. }} | ||
Once you have created the scheme you need to record the details for the attachment. | Once you have created the scheme you need to record the details for the attachment. | ||
| − | * Follow the steps in [[How do I | + | * Follow the steps in [[How do I assign attachments to an employee?|this]] article. |
* The {{DataPrompt|Agency}} will be the agency code you created in the adjustment/attachment settings. | * The {{DataPrompt|Agency}} will be the agency code you created in the adjustment/attachment settings. | ||
| − | * The {{DataPrompt|Start}} and {{DataPrompt|End}} date will be the period of the scheme. | + | * The {{DataPrompt|Start}} and {{DataPrompt|End}} date will be the period of the scheme. |
* If you have a suitable {{DataPrompt|Reference}} you may record it here. | * If you have a suitable {{DataPrompt|Reference}} you may record it here. | ||
| − | * The {{DataPrompt|Attachment}} will be an {{DataValue|Amount}}. | + | * The {{DataPrompt|Attachment}} will be an {{DataValue|Amount}}. |
* Enter the {{DataPrompt|Amount}} to be deducted each period. | * Enter the {{DataPrompt|Amount}} to be deducted each period. | ||
* Enter the {{DataPrompt|Total}} to be repaid over the scheme period. | * Enter the {{DataPrompt|Total}} to be repaid over the scheme period. | ||
* A cycle to work scheme is not usually under a protected earnings status although may need to ensure the employees earnings do not fall below a specific limit. Seek advice from your accountant or HMRC if you are unsure on the status of the attachment. | * A cycle to work scheme is not usually under a protected earnings status although may need to ensure the employees earnings do not fall below a specific limit. Seek advice from your accountant or HMRC if you are unsure on the status of the attachment. | ||
| − | Once the attachment is in place the deductions will be made each period until the total amount is repaid. Please check the employee pay carefully to ensure the correct statutory deductions are being made. | + | Once the attachment is in place the deductions will be made each period until the total amount is repaid. Please check the employee pay carefully to ensure the correct statutory deductions are being made. |
{{Information|text=You should also make sure you are aware of your end of year reporting responsibilities for employee benefits.}} | {{Information|text=You should also make sure you are aware of your end of year reporting responsibilities for employee benefits.}} | ||
== See also == | == See also == | ||
| − | * [[How do I | + | * [[How do I set up payroll adjustments?]] |
| − | * [[How do I | + | * [[How do I assign attachments to an employee?]] |
| − | * [[How do I run a payroll period?]] | + | * [[How do I run a payroll period?]] |
{{KB_Tags|employee, attachment, attachments, period, adjustments, payroll, parameters, attach, adjustment, adjust, cycle scheme, cycle to work, benefits}} | {{KB_Tags|employee, attachment, attachments, period, adjustments, payroll, parameters, attach, adjustment, adjust, cycle scheme, cycle to work, benefits}} | ||
{{How}}{{KB_PR}}{{ZN_Admin}} | {{How}}{{KB_PR}}{{ZN_Admin}} | ||
Revision as of 06:29, 9 November 2019
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This article or section is under review. Be aware: Content may change as the document is reviewed. |
Summary
IF you offer a cycle to work scheme you can process the employee deductions through Platinum Payroll.
More Information
Create an attachment record for the scheme following the steps in this article.
 | Please consult your documentation for the scheme you are offering. Seek advice from your accountant or HMRC if you are unsure of the effect on Tax, National Insurance, Pensions and any other additions/deductions to pay. When creating the adjustment record you must ensure you specify the correct settings. |
Once you have created the scheme you need to record the details for the attachment.
- Follow the steps in this article.
- The "Agency" will be the agency code you created in the adjustment/attachment settings.
- The "Start" and "End" date will be the period of the scheme.
- If you have a suitable "Reference" you may record it here.
- The "Attachment" will be an 'Amount'.
- Enter the "Amount" to be deducted each period.
- Enter the "Total" to be repaid over the scheme period.
- A cycle to work scheme is not usually under a protected earnings status although may need to ensure the employees earnings do not fall below a specific limit. Seek advice from your accountant or HMRC if you are unsure on the status of the attachment.
Once the attachment is in place the deductions will be made each period until the total amount is repaid. Please check the employee pay carefully to ensure the correct statutory deductions are being made.
 | You should also make sure you are aware of your end of year reporting responsibilities for employee benefits. |
See also
- How do I set up payroll adjustments?
- How do I assign attachments to an employee?
- How do I run a payroll period?
