Administrating payroll can be a big burden; how much really depends on your specific case.
Outsourcing your payroll can relieve you of time pressures and give you peace of mind that your affairs are accurate and dealt with promptly, efficiently and to the highest standards, using leading technology.
Whether you choose to do it in house, or externally, you must consider:
- processing payroll under Real Time Information (RTI)
- submitting HMRC returns
- paying staff, HMRC and third parties (e.g. pension schemes, childcare vouchers companies, trade unions, Westfield etc) – we are a BACS approved bureau
- processing salary sacrifice schemes
- calculating statutory payments (e.g. sick pay, maternity/paternity/adoption pay)
- pensions and auto enrolment
- online payslips and P60s
- Construction Industry Scheme (CIS) where relevant
As well as more bespoke reports, tailored to your business, we recommend using the following basic reports each pay run:
- copy payslips for the employer
- standard payroll reports
- schedules of any attachments to earnings
- record of payments due to HMRC (P32)
- employees’ and employers’ pension contributions
- pay component analysis
- national minimum wage check
- payroll run details for the year to date
- pension contributions for the year to date.
These reports will help to keep you in the picture for cash flow purposes, and can easily feed into any management reporting avenues which you may choose to adopt.