Q1 Describe the records that need to be kept linking to:
a) Company procedures/requirements
As a Company you would need to keep records of your financial transactions to pay wage bills along with some other expenses:
P60 which shows the employees pay and taxes paid
P11D which shows expenses such as medical cover or company cars
Certificate of Tax award schemes
Information about termination and redundancy payments
You should also keep a list of items not shown on P60 such as: Tips or gratuities received (but not if your employer pays them to you through a method called the 'tronc' system as they'll already have tax deducted) Benefits in kind, for example meal vouchers you receive in connection with your employment from someone other than your employer Lump sum payments not included on your P60 or P45, for example incentive payments or golden hellos You should also mention any pension schemes initiated by the company or state pensions. Information from HMCR: http://www.hmrc.gov.uk/sa/record-keeping.htm
With all sensitive information, there should be stringent checks to see this information is being kept correctly by the company with correct safeguards in place within the company. Requirements of good record keeping is to make sure the records are kept in a secure manner whether it be hard copy documents or electronic documents, data protection must be adhered to at all time. Paperwork must be kept up to date to help deal with current issues/events with staff and future contact with any internal or external organisation.
a) Company procedures/requirements cont.…
In relation to details needed to be kept when relating to education and learners current of previous learners some records would need to be kept from accreditation and achievements to general generic information.
The information collected ranges from simple administrative documents collecting basic information from name of learner their date...
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