Payroll can be complicated and time consuming irrespective of whether you have a small or large number of employees. And over the last 12 months there have been other complications thrown into the mix including furlough payments and Brexit. However, getting payroll right is crucial for the success of your business. It involves making sure your employees get paid the correct amount and on time and you must ensure you are not breaking any laws as penalties from HMRC can be quite severe. In the latest article from Team 4 Solutions with offices in East Sussex and West Sussex, we look at payroll in more detail. We discuss the options you have, what’s involved with payroll and the benefits of outsourcing to a dedicated Payroll Bureau and a payroll specialist.
Options available for payroll
You have 3 options for operating PAYE. The first is to do it manually yourself. However this can be risky and will take a lot of your time. You must also be absolutely confident that you will do it correctly. Secondly, you could hire an accountant although this could be an expensive way of doing it and you will need to discuss the services they offer. The third option is using a payroll specialist and this could be the best option, as they will accurately pay your employees with minimal chance of errors.
Choosing a dedicated Payroll Bureau to take control of your payroll has lots of advantages
If you choose this option, most payroll companies or bookkeepers that have a dedicated Payroll Bureau will interview you to discuss your specific requirements. Their aim is to streamline your payroll process and minimise your PAYE liability. They will also register your payroll with HMRC and deal with all the forms involved.
- Employee and employer National Insurance (NI) contributions
- Statutory Sick Pay (SSP)
- Statutory Maternity and Paternity Pay
- Childcare vouchers and student loan deductions
- Payment administration including P14s, P35s, P60s and P11Ds and all year-end forms
- Transition to RTI (Real Time Information)
Benefits of outsourcing your payroll
Your payroll will be taken over by experts to give you complete peace of mind.
- Tax obligations and payroll responsibilities will be carried out accurately and on time
- Stay up to date with the latest regulations and required paperwork
- Tailormade solutions to suit your business
- Smooth transition from your current system
- You can be involved as much or as little as you would like
- Ensure compliance with the latest regulations including auto-enrolment pension requirements
- Reduce the need for training in-house payroll staff
- Free up your precious time
Changes to Payroll in 2021
There are many changes that have been announced for payroll in 2021 including new rates of National Minimum Wage (NMW) and the National Living Wage (NLW). For the first time NLW will be extended to 23 and 24 year olds. Statutory Allowances are going up as well as Statutory Sick Pay. If you do need any clarification, or any help processing those furlough payments, please get in touch with Team 4.
How can Team 4 Solutions help your business?
Team 4 Solutions has its own Payroll Bureau with experts on hand to take control of your payroll. Many of our clients have 50+ employees and some accounts well over 100. Payroll is just part of the service we offer and our aim is to provide a seamless link working as part of your team. We think it’s important that you know just how much it’s going to cost you if we do your payroll. That’s why we have a simple pricing structure with a fixed fee for you every month and no hidden costs. If you would like Team 4 Solutions to quote you on your payroll, call us on +44(0)1825 763378 or email firstname.lastname@example.org