Payroll
A payroll service becomes necessary when you decide to employee staff, it can be an in-house function or delivered by an external provider. You as the employer will be responsible for correctly calculating employees pay, tax and National Insurance deductions and then paying this to employees and HMRC on a timely basis. There are potential fines and penalties from HMRC when you get the tax that is due wrong or the timing of its payment.
In addition to monthly payslips, there are also annual returns to complete such as P60 and P11D. The process can appear overwhelming, confusing and at times frustrating. The tax impact of any occasional employee related transactions such as redundancy or termination payments could be significant to someone who is not qualified nor an experienced expert. Running an in-house payroll function may not be cost effective option for small owner managed businesses with just a few employees.
A payroll service would take care of all compliance matters, ensuring employees are paid correctly and on time. This allows owners and directors to focus on what they are great at, being experts in successfully running and growing their business.
Our service
As part of our payroll service we:
- Offer a professional service – this is tailored to your business needs and requirements.
- Produce employee payslips – these can be on a weekly or monthly basis.
- Take care of all relevant reports, returns and paperwork – this includes monthly summaries, branch/departmental reports, P45 forms for leavers, PAYE return for HMRC, year end returns including P11D for employee benefits and expenses, P60 End of Year Certificate and CIS returns as part of the Construction Industry Scheme.
- Ensure your payroll is correct – this includes tax codes, correct employee and employer National Insurance contributions and they are paid on time.
- Calculate all relevant statutory deductions for each employee – this can be statutory maternity pay, sick pay or student loan deductions.
- Provide advice on relevant employment tax areas – this can be tax efficient remuneration strategies, termination payments or retirement planning.
