Payroll: This refers to the process by which a company compensates its employees. It includes tracking hours worked, calculating wages, and distributing payments. Payroll can also refer to the total amount of wages and salaries paid by a company to its employees.
Auto Enrolment: This is a retirement savings plan feature where employees are automatically enrolled to contribute a portion of their salary to a retirement account. Employees do not need to take any action to participate, but they can choose to opt out or change their contribution levels.
CIS Subcontractors: Under the Construction Industry Scheme (CIS) in the UK, subcontractors are individuals or businesses that carry out construction work for contractors. Payments to these subcontractors must account for their tax status, and contractors may need to make deductions from payments to cover taxes.
