Are your payroll services working for you?
As a business owner, there are a number of rules and regulations that you need to consider regarding the payroll for your employees.
In April 2019, the UK government introduced a new legislation requiring all employers to provide payrolls to all workers (permanent or part-time) and show hours on payslips where the pay varies by the amount of time worked.
This has undoubtedly created another layer of responsibility for small business owners who also manage payroll. For peace of mind, we recommend you outsource your payroll service to a dedicated payroll team like us at Berley.
With years of experience running payroll to our clients, we can provide the following payroll services to meet your needs:
- Prepare your monthly payroll
- Providing summaries and analysis for general accounting purposes
- Preparing and distributing payslips to your employees
- Providing any compliance work for PAYE regulations
- Completion of P45s online
- Completion of year-end employer return forms P35, P14s and P60s
- Liaising with you to assist in the preparation and filing of P11D forms
Berley will help you meet PAYE regulations
Every month, nearly every company must send a ‘Full Payment Submission’ (FPS) to HMRC’s system, PAYE, which collects Income Tax and National Insurance contributions. A company, therefore, has to make these deductions for PAYE every month, as well as disclose what they pay their employees: including any bonuses and sick or maternity pay. Outsourcing your payroll to Berley will enable you to complete this as accurately and efficiently as possible.
Do I have to outsource my payroll?
No. You can run your own payroll by using paid-for payroll software approved by HMRC. However, you must ensure that your chosen software enables you to:
- Produce payslips
- Record pension deductions
- Make pension payments
- Pay different people over different periods (for example both weekly and monthly)
- Send an Employer Payment Summary (EPS) report or Earlier Year Update (EYU) to HMRC
As the management of payroll can be a repetitive hassle that takes time away from growing your business, many small businesses outsource their payroll administrative work to a qualified payroll company like our team at Berley.
Why outsourcing your payroll is the best option?
Outsourcing your payroll will save you immense time and money, which in turn will increase your efficiency.
Time
Submitting your payroll accurately and on time every month while keeping an eye on current legislation (to ensure you abide by law) burns immense time and energy. Let us free up time for you to spend elsewhere, on the success of your business.
Money
Our team of payroll specialists do not make mistakes. By submitting your Full Payment Submission to HMRC detailing your employee payments and any deductions accurately, you will avoid any potential fines.
In short, if you outsource your payroll function to us, you do not need to hire a full-time employee dedicated to run your payroll, and do not need to worry about employee sickness and holidays.
Berley is here to help with your payroll function
As chartered accountants, Berley can provide you with the support and advice you need when it comes to accounts and taxes. We also have a team of payroll staff working relentlessly to support small business owners who find that it is more cost-effective to outsource the payroll function.
If you would like to know more about how we can help to reduce your payroll costs and streamline your payroll systems, give us a call on 020 7636 9094 today.
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