What’s on a Payslip?

 

There is certain information that by law has to be included on a payslip. There is other information that your employer might include. These items may be important for your businesss check carefully that they are all included in the template you use.

Gross Pay: Total monthly, or weekly, pay before deductions.

Income Tax: This is compulsory. It is the amount deducted and paid to the Inland Revenue. The amount is calculated by using your tax code.

National Insurance: This is also compulsory and is the amount deducted and paid to the Inland Revenue.

Pension Contributions: This may be a company pension scheme.

Net Pay: This is the actual amount after all deductions that is paid to the employee.

Tax Code: This may be included on the payslip for your information.

Employee Number: This may be shown and is allocated by the company.

National Insurance Number: Not required but sometimes shown on the payslip.

 

 

Different payslip templates provide space for different information. Make sure the one you choose shows the compulsory information and whatever else you need to provide in your company. If in doubt check with the relevant finance department. They must show at least income and deductions for the employee.