What is a payslip?
A payslip is a breakdown of your earnings and deductions that details how your take home pay gets calculated. They are given to employees (or contractors) by their employer every payday. A payslip is made up of three sections: personal details, pay and deductions.
Personal details may contain the following:
- Tax code
- National Insurance number
The pay section may contain the following:
- Pay rate
- Holiday pay
- Gross pay
- Take home pay
Deductions may include:
- National insurance contributions
- Student loan deduction
- Umbrella company fee
- Pension contributions
What you can do with a payslip
Payslips can serve multiple purposes. Some of the them include:
Compare them with bank statements to make sure you’re being paid the right amount.
Compare the tax code on your payslip with the one HMRC give you by mail or through your personal tax account online and let your umbrella company know if there are any changes.
You may be asked for your payslips when applying for a short-term loan or mortgage.
We send payslips to our employees through email. We send text notifications to let you know when your take home pay has been processed and when you should expect to receive it.