How to run your payroll
Payroll has become a very complex area of running a business and it is fraught with the hazards of inaccurate pay for employees. This has a domino effect as it is emotive for staff and untimely errors can result in fines and penalties from HMRC under the relatively recent introduction of Real Time Information (RTI) provision.
Our Payroll Team leave you with peace of mind offering an abundance of knowledge and expertise but tailored to meet your needs.
Providing pensions for employees has recently changed and has become a required using a more structured approach which is being controlled by the Government through the Pension Regulator. Each and every employer in the UK will be required to ensure their staff save for retirement.
All employers are obliged to consider if they are required to set up a pension scheme and to check if they need to auto-enrol eligible employees by a specific date “staging” – these dates are “staged” and you will be notified by the Pensions Regulator when your “staging” must be completed.
These new regulations are onerous and may prove costly for small owner-managed businesses and many of you may receive conflicting advice about your own responsibilities. We can work with you to minimise the headaches and to provide peace of mind from fines. It is not sufficient for you as an employer to be running a normal pension scheme; for the first time, employers are having to automatically enrol eligible employees into a compliant Workplace Pension Scheme, pay contributions and collect employee contributions. This may sound easy enough but when you have several factors to consider for eligibility; are required to communicate with employees and maintain an audit trail and repeat the process when there are any changes to staff and every 3 years; the effect of this new legislation will prove time consuming and costly for employers.
We can take on responsibility for ensuring you meet your obligations but it is crucial that you start planning for these changes sooner rather than later.
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