PAYROLL AND CIS SERVICES

UK Businesses must have a formal payroll system in place regardless of their size. However, it is sometimes tempting to write cheques and make cash payments when the number of employees in your business is low. But you can avoid this by outsourcing payroll services. When you outsource, it will give you enough time to think about how to keep your business profitable.

Payroll and CIS Services | Hammersmith Charetered Accountants

Why outsource VAT Services?

Small to Medium Sized London Businesses outsource their payroll services to utilise resources they don’t have in-house. Hammersmith Chartered Accountants Companies have access to the latest payroll software and technology. As your payroll provider we use software to record data and make payments to employees quickly. This software ensures that the relevant NI deductions and tax are applied to the employee’s gross salary. It also helps to reduce noncompliant fines.

Also, when you outsource to us, you hand over the entire payroll process to another company. You may choose to have little involvement or no involvement in the process. So, it helps you to shift the burden of responsibility to London Bookkeepers – your payroll supplier. This could be a big relief for you as business owner who may be compliant with payroll legislation or accounting. It is also good for businesses that cannot afford to pay an in-house Chartered accountant who will undoubtably charge more. Here are some of the payroll services provided by our bookkeeping and payroll bureau.

But by outsourcing the service to a payroll service firms such as London Bookkeepers to Hammersmith Chartered Accountants

1. Tracking employee’s records

It can be difficult for small businesses to monitor their employee’s records. Outsourcing your payroll services to our company will help you solve this problem. Our payroll services use payroll software and other tools to track employees’ details and information. Information such as the date of hiring, entry level and the wages they receive will be a click away and always at your disposal.

2. Making NI and Tax deductions

Calculating the amount of tax to pay and NI deductions to make for your employees could be a nightmare. In some cases, it results in costly mistakes that demoralise your workers. But by outsourcing the service to a payroll service firms such as London Bookkeepers, you will be sure of the correct results and calculations. We use a payroll service software to ensure that the correct deductions are made. What the employees always see on their payslip is an accurate figure of their net income. We provide a detailed report of all the income tax and Employers and Employees National Insurance Deducted.

3. Salary payment services

When salaries are delayed, employees get demoralised, and productivity goes down. By hiring a payroll service company, your employees will receive their wages on time. It ensures that the necessary reports are generated and filed at the right time. Also, the QuickBooks software we use as QuickBooks Pro-Advisors takes tracks sick leaves and holidays. Everything links into detailed reports.

4. Filing Employment Monthly Returns ( EMR’S)

Note that the Employment law tax landscape keeps on changing. But the government expects that you to meet the obligations as soon as they fall due. Ignorance is no excuse if EMR’s are filed incorrectly or late. Substantial fines will be levied against your company each month for non-filing or late filing of Employment Monthly Returns.  Outsourcing payroll service to a competent bookkeeping and Payroll company ensures that paying fines will be a thing of the past. Besides, you will be able to have all returns filed online stress-free and a support helpline to discuss any payroll issues you have.

5. Preparation of payslips

We break down the income by showing all deductions including Employers and Employees Nest Contributions made the benefits of this is our payslips are very transparent and easy to understand and it allows your employees to plan. Unfortunately, you may not have the tools or necessary training or qualifications to do this on your own. Hiring a London payroll service provider will take this task off your time-consuming task off your shoulders.

6. Part-time payroll services

You may also opt for part-time payroll services. It is ideal when you have an accountant, but you would love to get professional help. It entails dividing the job into tasks that the in-house team will do and those to outsource. It helps to keep some information confidential while it allows you to seek help from experts.  The services you may want to outsource include checks on the changing laws, payslips printing, and documentation. You may also want to consider outsourcing payroll filing. It ensures that a financial expert that can help you answer complex payroll questions is a call away. It is also considerably cheaper than your accountant proving the same service.

7. CIS Monthly Returns and Reclaiming or Paying CIS.

Our service is utilised by small and medium-size businesses that need a dedicated payroll service. It is cost effective and protects your company and employees legally against any PAYE compliance visits or PAYE Investigations. Also, it takes pressure off the office staff on a day to day basis. Some of the responsibilities you may outsource to our Hammersmith Chartered Accountants are filing EMR reports or Construction Industry Scheme (CIS) monthly returns as well as preparing payment slips.  You may also want us to take care of statutory deductions for you or assist with them. In relation to CIS returns we are experts in this very complex field and can claim back CIS suffered by your construction company and/or either offset against CIS deductions or PAYE liabilities you owe HMRC. If no liability can be offset we will make a reclaim at the end of the tax year if you are in a credit position and ensure you are paid back these monies as soon as possible.

8. Going Alone.

If you wish to deal with the payroll services in-house, this is one of the options you may need to consider. All you need is access to the company’sprograms so that you can use their infrastructure to prepare your payroll. But to be able to enjoy this service, it is imperative you always have an experienced team of in-house payroll experts and keep yourself update with new employment law and tax legislation involving employment issues and rights as well as pension provisions involving your staff. It will allow you to have control of all your payroll data however, the software purveyors will only come in when you need some technical support and the support is limited in respect of payroll issues as it is a complex subject. As a business owner you will need to do all the updates and ensure that you do the filing with HMRC on time. Note that with this option, you will not have anyone to remind you of deadlines as it is the case when you outsource the service. Thus, the service is only good for businesses that know their way around employment legislation and payroll issues. Small to Medium Sized Enterprises (SME’s) should also have the time and a trained staff that can do the job using online tools. Even though, this option is cheaper since you will only have to pay for the software the team will be using but there are more risks and the time it takes in man hours may ensure there is no cost savings.

9. Pay as you go

This is one of the payroll services available to small businesses. It allows the business to only outsource a payroll service it needs for a limited period. For instance, you can outsource the service when there is a temporary influx of employees. Also, it may be used when employees are proceeding for their annual leaves.

In some cases, the method could be used when the accountant is sick or unable to attend to their regular duties. It is cheaper since you need not sign expensive contracts or appoint new accountants. You only agree to pay our London payroll services for a temporary period. Either way, it helps the business avoid mistakes that are likely to lead to fines due to errors.

What to consider when choosing a payroll service

Managing payroll is not just a problem to small businesses, but even larger entities. Small businesses find it challenging to implementever-changing HMRC regulations. On the other hand, large companies struggle with processing a high volume of data. So, it is always convenient to outsource payroll tasks to experts. But when you decide to outsource, care must be taken when choosing the company to partner with. Ensure you look for a company with solutions that are HMRC approved. The company should use payroll software with the capability of reporting PAYE in real time.

Also, the company should be able to provide you with information on:

  • The employee’s salary and the deductions made
  • Tax code notices
  • Payment and reports made to HMRC
  • Taxable benefits

Besides, it is important that the firm you partner with should give you a copy of the records for filing purposes. The law requires that you keep these records for three years after the end of the relevant tax year. Failure to do so will attract a fine of not less than £3,000.

Conclusion

We have looked at the different types of payroll services small and medium size businesses could outsource. It will help you have time to focus on the core of your business. We also looked at the options you may choose between full time and part time payroll services. But your business financial capability should be used to determine the services to go for.  Besides, we recommend that you consider fully managed payroll services for your business and hopefully Hammersmith Chartered Accountants as your dedicated payroll providers.  Our service comes with plenty of benefits including a dedicated payroll managerwho will answer HMRC issues and be available from 09.00 am -5.00 pm Monday to Friday. Moreover, you will be entitled to reports as and when required,and oursenior management will be a call away to answer any payroll queries you may have.

In some cases, the method could be used when the accountant is sick or unable to attend to their regular duties. It is cheaper since you need not sign expensive contracts or appoint new accountants. You only agree to pay our London payroll services for a temporary period. Either way, it helps the business avoid mistakes that are likely to lead to fines due to errors.