Payroll can be a complex challenge. Some companies outsource to avoid the added burden of remaining compliant while others decide to process in house. Some considerations should be given when making the decision. Employment Law and The National Minimum Wage are both complex topics due to legislation but need to be understood by the payroll department to ensure accuracy and compliance each time payroll is processed.
5 Tips for processing your payroll in house:
Remain compliant – ensure all payroll and PAYE tasks are completed, on time, every time. All RTI should be submitted to HMRC within the tax period it relates to, and using the correct payment reference will ensure the payment is allocated correctly, avoiding any late payment penalties or stern letters.
Ensure accuracy – when processing payroll, ensure all tax codes are up to date and file a record of any changes. Keep records of each payroll processed.
The P Word. Workplace pensions are compulsory, not an option. When staff meet the criteria for auto-enrolment, choose a pension provider that suits your business. Besides submitting contribution information to your chosen provider, you must also submit the first declaration of compliance within five months of your duties start date. Lots of helpful information on how to remain compliant can be found on The Pension Regulator site.
Mistakes – such as overpayments or underpayments, deduction errors, incorrect tax codes, employee set up, statutory payments and holiday pay calculations can occur, this can have an impact on staff morale. Such mistakes in payroll can lead to an unhappy workforce which could impact productivity and profitability. Remember – your employees are your business so when a mistake occurs, ensure it is dealt with quickly and efficiently.
The experts – if in doubt, reach out. With so much information on the internet it can become overwhelming. Call us today to see how we may be able to assist you.
We’re here to help you
Our friendly team at HSJ are payroll experts who can offer a professional payroll service to companies and individuals. We also offer tips and guidance on processing your own payroll in house with continued support if required.
Please get in touch if this service can benefit you and your business.
Contact us: tel: 01633 815800 or email: payroll@hsj.uk.com