Many people don’t have a clue what all the different numbers on their payslip mean. Nor do they know the calculations used to get to those numbers. How could they, why would they? Where do people go when they have a question about their pay or tax? And just why is it all so complicated in the first place?
If you knew how to interrogate your payslip, you may be able to work out if you’re paying too much income tax or if you happen to be on the wrong tax code. You might be able to check what your pension contributions are based on and whether you are paying the correct tax on those contributions. What if your perks had been miscalculated since the day you joined your new company, how would you know? How would you get these things fixed and get back any money that was owed to you?
Some things stay the same for a good reason
And some things stay the same for no good reason. Payslips, in our opinion, fit squarely into the second category. Ok, when it comes to applying for a loan or a mortgage, it may be of benefit to have your payslips looking the way they always have but for educational purposes, the payslip falls a long way short.
Electronic PDF payslips, accessed via an online portal are one thing. They are one step forward in the direction of a modern approach but we’ve gone one step even further and plan to go miles further over the next few months.
We’ve put our payslips completely online and Paycircle payslips are now available in HTML.
This means that they can be information rich and not confined to a standard A4 (often smaller) page. We can add oodles of detail as too little space is no longer an issue. We can break your pay down to its smallest components and make sure that everything has plenty of real estate for a full explanation. And this is just the beginning.
We won’t delve too deep into the tech detail at this point (although if you’re interested in the tech our developers would be delighted to tell you more) but because of the way that Paycircle is built, we can do cool things like use artificial intelligence and machine learning in your online payslip. Pretty soon, we will be able to answer all of your burning questions about your pay and tax from directly within your payslip. We will be able to look backwards and forwards into the future and make predictions about your future pay and look at ‘what if’ scenarios.
Watch this space and if you have any great ideas for our interactive payslip or if you have any questions that you’d like your payslip to be able to answer, let us know.
And for info, your original (old style) payslip documents are also still generated and available in the Documents area of your Paycircle portal for you to access anytime.
Here are some questions you will soon be able to ask your payslip
- My payslip is different to last month, can you tell me why?
- What is left on my student loan and when will I pay it off?
- Have I been paid all of my expenses this month?
- What would my statutory maternity pay be if I fell pregnant this month?
- What does this tax code mean?
- Why has my tax code changed?
- How has my sick pay been calculated?
- How much extra tax would I pay if I got a company car?
- If I get a £2k pay rise, how much extra tax would I pay and what would my net pay be?
Written by Catherine Pinkney