Almost all businesses will operate a payroll. Find out why I think it’s useful to outsource your payroll.
Getting pay figures right and making sure the correct information is sent to HM Revenue and Customs (HMRC) is of the utmost importance. Since the introduction of the Real Time Information (RTI) scheme in April 2013, employers are now required to send a submission to HMRC each and every time they pay there employees whether that be weekly, fortnightly, monthly or however often you make payments.
RTI submissions tell HMRC how much tax and National Insurance (NI) you have deducted from your employees pay, as well as pay figures and details of any new starts or leavers through a Full Payment Submission (FPS). Even if you don’t pay anything in a month but you are registered as an employer with HMRC, you still need to make a submission to tell HMRC that you haven’t paid anything.
If you don’t send a FPS to HMRC when you should, you will be automatically fined. You will also receive a fine if you fail to pay your tax/NI liability on time.
Outsourcing your payroll takes away all the hassle of calculating your employees pay along with remembering to make the relevant submissions correctly and on time. Benefits of letting someone else manage your payroll are:
- Payroll will be calculated by a professional
- Your time will be freed up to concentrate on more important areas of your business
- RTI submissions will be made correctly and on time
- Cost effective: employing someone to run your payroll can often be more expensive than outsourcing it
- Save on software costs: purchasing payroll software is usually more costly than paying someone external to manage it for you
With the introduction of auto enrollment, payroll is set to take up more and more of your time. Why not take advantage of Hello Accountancy’s payroll service and let me help. Prices start from only £10 per month for monthly payroll and just £5 per week for weekly. All packages are tailored to suit your business.
For an informal discussion to see if I can help please call 0800 8654330 or 07857 380805, or email firstname.lastname@example.org