As an employer, you also stand to benefit by qualifying for NIC exemptions that will reduce your contributions, as well as that of your employees. To fully benefit from the scheme, the system needs to be set up with proper directions and implemented by standard procedures. The troncmaster needs to set up a separate PAYE scheme which will be used for determining contributions, that is distinct from regular payroll scheme.
As an employer you will not exercise control over the distribution, but will be responsible as a payroll agent for the troncmaster PAYE scheme. This makes it necessary for ensuring that all procedures and practices are as per guidelines. Any deviation or adjustments by the concerned stakeholders can render the tronc system invalid, opening up possibilities of recoveries. This necessitates a proper briefing to concerned personnel about the implications and the need for compliance.
We assess, put together tronc systems and implement the schemes on behalf of clients in full compliance with HMRC rules. Our practices are aligned with laws and by laws of HMRC by default, and are implemented in conjunction with applicable laws of PAYE contributions, NIC contributions and National Minimum Wages.
We have consistently helped clients put together systems that have helped them qualify for NIC exemptions legally, in addition to protecting clients from possible HMRC determinations or claims in employment tribunals pertaining to splitting of tips.
As expert accountants, we possess the experience necessary to help clients set up and assess their tronc systems to ensure that the system is fully compliant with HMRC, while deriving benefits in the form of NIC exemptions and better take home payments for employees.
Connect with our specialist team to explore the different ways in which we can help you set up a Tronc system. Call on 02035002646 or email .
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