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    • Payroll

    It’s a big decision to grow a business and take on your first employee. With it comes added responsibility and another bunch of financial requirements in the form of a company payroll.

    What is payroll?

    Company payroll details information about staff – their wages and any tax deductions or monetary requirements according to their personal circumstances.

    Why do you need a payroll?

    If a company has employees there is a legal requirement to document fees paid to them for government levies.

    Payroll can be a significant cost for a company and it’s not as simple as providing a pay slip and transferring wages. Running ‘the payroll’ requires knowledge about tax codes and variable factors such as individual status, student loans and tax credits.

    Contracted hours and pay grades may be different and alongside the obligatory National Insurance, employee tax and employer’s PAYE are the implications of statutory pay options and pension auto-enrolment schemes.

    On-premise accounting systems or web-based software can prepare payroll information easily but accurate data input is still required by a human. Incorrect tax codes can disgruntle staff and knowing the rights of the employer and the employee is essential to avoid being challenged.

    Outsourced payroll support

    With the introduction of Real Time Information (RTI) accounting and pension auto-enrolment time demands have increased.

    Save yourself the hassle of uncertainty and additional time by outsourcing your payroll requirements.

    Key Accountancy Services offers a dedicated fixed fee payroll service under our sister company Diamond Payroll Solutions.

    Hand over your entire workforce payroll requirements and we’ll manage the rest, including liaison with HMRC and assigned pension organisations to include:

    • Statutory Maternity and Paternity Pay
    • Statutory Adoption Pay
    • Statutory Sick Pay
    • Payroll maintenance – gross pay, tax deductions and net pay
    • Payslip issue and departmental reports payment
    • Advising on payments due to HM Revenue and Customs
    • Advice regarding benefits in kind
    • Preparation of forms P11D and P11D(b) as required for submission to HM Revenue and Customs

    At the end of each month your business will be compliant with the necessary requirements of payroll. Staff will receive wage slips detailing tax deductions and you’ll gain a separate, easy to follow breakdown of monthly PAYE payments.

    “Knowledge – The world of HMRC and accounts is a minefield with so many different elements – VAT, PAYE, self assessment, Companies House, payroll, pensions the list is endless! My specialism is my business and I don’t have the skills or knowledge to manage the requirements.

    Time – My time needs to be invested in the business not on learning accounting practices.”

    [FAQ] How can I outsource my payroll?

    Whether you are considering hiring your first employees or already have a payroll scheme in place and are looking to outsource or switch providers, it’s worth an informal phone or a face-to-face chat to discuss your circumstances.

    There’s no obligation to commit and if nothing else, it’ll give you some options to think about.

    For no-nonsense accountancy support and advice, contact the Key Accountancy Services team today on 01782 405442 or send a message.

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