Whether you employ a handful of individuals or have a large team working with you, payroll management can be incredibly time-consuming and burdensome, especially if it isn’t your area of expertise. On top of ensuring your employees are paid the correct amount of money on time each month, you are also responsible for complying with the most up-to-date relevant legislation surrounding this.
Rather than risk making a mistake and causing upset with your employees and/or HMRC, why not outsource your payroll to a reliable accountancy firm? We’ve listed the benefits of doing so for you below.
Unless you have a specific individual who is employed to manage the company payroll, then the responsibility is yours.
By passing on this responsibility to an accountancy firm, you will be freeing up your own time, as well as any employees’ time who you would otherwise delegate this responsibility to. As such, everyone working within your business, yourself included, will be able to focus on other tasks relevant to the operation and success of the business.
This will boost your overall business efficiency and performance, allowing for more consistency each month.
Assuming all your employees are paid £123 or more a week, then you will need to operate PAYE as part of your payroll. This is the system HMRC uses to collect tax and national insurance, which you will have to deduct from your employees’ salaries and report and pay to HMRC. This needs to be done on or before each payday.
Experienced accountants will be up to date with all the HMRC legislations regarding PAYE, so you can rest assured that they will be compliant with these, sending and reporting all the necessary deductions (including any student loan repayments and pension contributions) to them.
They will provide you with accurate calculations and reports on your payroll obligations, as well as agreeing a timeline with you for meeting these on time.
Rather than having to invest in expensive software that you will then have to learn how to operate, your chosen accountants are likely to have a specialist payroll management system, as Marshall Accountancy uses.
Using this system, they are able to provide you with customised payslips for all your employees, taking into account statutory sick or maternity pay and/or any relevant deductions. They will then be able to report each employee's necessary pay and deductions to HMRC through this system as part of their regular reports on your behalf - these reports will also include any additional relevant information, including when a new employee starts or if any employees’ circumstances change.
With the knowledge that they are using this system, you will have peace of mind that all PAYE information will be accurately recorded and produced for both your employees and HMRC to see, reducing the risk of any pay disputes or facing fines.
If you live in Staffordshire, Cheshire or the surrounding area and are looking for help managing your payroll, look no further than Marshall Accountancy. We offer comprehensive payroll services that are compliant with the latest legislations.
Contact us today to learn more.
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01270 882 300
St Mary's House, Crewe Rd, Alsager, Stoke-On-Trent ST7 2EW
Accreditations
Established in 1993, Marshall & Co is a trading name of Emma E Marshall-Birks and Marshall Accountancy Ltd, company number 9425767, registered in England and Wales and whose registered office address is St Mary’s House, Crewe Road, Alsager, Stoke-on-Trent, Staffordshire ST7 2EW.
A Member of the ICAEW Practice Assurance Scheme. Registered to carry out audit work in the UK & Ireland and authorised to carry out the reserved legal activity of non-contentious probate in England and Wales by the Institute of Chartered Accountants in England and Wales. Principal and Director: Emma Elizabeth Marshall-Birks BA (Accounting & Law) MBA FCA BFP