You are running a growing business, responsible for paying people a salary, on time.
Paying HMRC is a part of that responsibility, with a zero level margin for error. Isn’t that a reason in itself to outsource your payroll?
If you are still not convinced:
do you fully understand the complex rules and regulations?
are you willing to risk a penalty?
can you honestly afford the investment in time?
can you efficiently use Accredited Payroll Software
Your business is small, with just one member of staff; your funds are stretched and you can do this job yourself, with the odd headache, at the weekend.
You cannot undertake a highly professional role, and expect to avoid trouble. Your staff deserve better; as a serious company owner, confident and level headed, you owe more to your business, whether small, medium or large.
Using highly developed, error free software (IRIS PAYE Master):
- Your end of year returns will be electronically registered
- Your communications with HM Revenue & Customs and all bodies associated with your payroll will be addressed
- Gross to net processing complying with employer's instructions and government legislation will be addressed, including deductions and pension elements
- SSP, SAP, SPP, SMP, Tax Credits, Student Loan Recovery
- You will receive itemised pay slips plus an employer's copy
- You will receive tax year-end P14/ P60/ P35 substitutes
- P11D substitutes and returns will be sent to you
- Setting up CIS schemes* and dealing with CIS refunds**
Put simply, weekly, monthly or quarterly payroll is for a qualified accountant to handle, in conjunction with your other accountancy and bookkeeping records.
It makes sense to minimise the danger of high cost in depth tax investigation enquiries.
If you are a subcontractor, you will need to register and communicate with HM Revenue & Customs (HMRC), to ensure that you are paid the correct amount, with accurate deductions.