If your business has expanded from being a one-man-band to one which employs several staff members, it’s understandable to feel daunted by the prospect of employment red tape that all businesses face.
Meeting your obligations as an employer to your staff and HM Revenue and Customs (HMRC) can be confusing and time-consuming, putting the brakes on doing what you do best – running your business.
The introduction of Real Time Information (RTI) reporting also ramped up the pressure on business owners to share information on-or-before payments are made to employees via payroll software. This coupled with the introduction of Automatic Enrolment Workplace Pensions, which is compulsory for all employers to enrol all eligible workers into a pension scheme and offer a pension scheme to all other workers.
If you want to maintain payroll compliance while staying ahead of any new red tape challenges or reporting deadlines, then we've put together five clear benefits of outsourcing your payroll to a professional payroll provider:
1. Integrated employee management
Using HMRC approved payroll software such as BrightPay Connect, employers can easily manage all leave for their staff including annual leave, sick leave, maternity leave and paternity leave.
The employee calendar allows employers to view the number of annual leave days remaining for each employee and how frequently an employee is on sick leave. Once an employee requests annual leave, employers can authorise or reject the request with changes syncing back to the payroll software.
2. Employer dashboard provides clear payroll overview
Payroll providers who offer online portals can offer you an employer dashboard and a top-down overview of your firm’s payroll function and your teams.
This provides an overview of employer details, any outstanding payments due to HMRC, upcoming calendar events, as well as a list of notifications such as outstanding employee requests made via the portal.
3. Human Resources documentation in one, secure, online location
Employers can upload all sensitive HR documentation for staff in one secure online portal. This includes employee contracts and company handbooks, as well as disciplinary documents, company newsletters and training material.
4. Stay ahead of new payroll legislation
By the very nature of a specialist payroll provider, they have the expertise and awareness to ensure small businesses like yours are always well prepared to comply with new payroll legislation. This not only helps your business to move with the times, it helps you to avoid costly penalty fines.
5. Full access to payroll data for employers and employees
Online payroll portals give employers and employees 24/7 access to their data, including all reports. By going paperless, your staff members can receive digital payslips, as well as other digital payroll documentation such as P60s and P45s.
Outsourcing your payroll to a professional service should also come with a friendly team who can answer any questions you may have about your payroll so you can rest easy knowing everything is in hand.
At TaxAssist Accountants in Camden Town we can oversee your payroll processes, costs, calculations and deadlines to take care of everything for your business. We only use HMRC and RTI compliant payroll software that helps firms fulfil their payroll duties without unnecessary limitations or pointless restrictions.
For a free initial consultation on our managed payroll service, call us today on 0800 0523 555 or drop us a line using our online enquiry form.
By Samantha Skyring FCCA
Last updated September 2019
Disclaimer: The information provided is based on current guidance (at date of publication) from HMRC and may be subject to change. Any advice shared here is intended to inform rather than advise. Taxpayer's circumstances do vary and if you feel that the information provided is beneficial it is important that you contact us before implementation. If you take, or do not take action as a result of reading this information, before receiving our written endorsement, we will accept no responsibility for any financial loss incurred.