18 Dec 3 awesome payroll tips for small businesses
For any small business, payroll is one of the key tasks to get on top of each month. This is basically the process of paying your employees but also involves sending the relevant NI and tax contributions to HMRC for each one.
Getting this key task wrong can be a real nightmare with unhappy staff and the taxman all eager to speak with you! But what are the best tips for small business owners when it comes to running your own payroll?
Use payroll software
The first thing you should do is install easy to operate payroll software to use. This kind of software is essential and helps to automate the payroll process to some extent. Good packages can do things like generate payslips and work out NI or income tax calculations for employees. If you plan to handle this key business task yourself, it is a smart move.
Know your key deadlines
Dealing with small business payroll effectively means knowing about when returns are due and getting them in on-time. HMRC do not take very kindly to deadlines being ignored and this could see you paying out hefty charges in fines. The other benefit of having key dates marked in your diary is how much simpler it makes dealing with payroll. Rather than rushing about and trying to get it done at the last minute, you can work on it in advance which is much less stressful.
Double check everything!
It is absolutely key that you or whoever is responsible for dealing with this double checks everything! This is not only the data which you enter into any system but also the return which goes off to HMRC. Any errors can be a real pain to fix and could even cost you money in the long term. It is much better to take your time so you can spot any errors that need fixing first.
Too much trouble? Let SQK Accountancy help
Although the above are some great tips on how to handle your own payroll, sometimes outsourcing to the experts is the best option. Maybe you simply don’t have enough time to do it each month or you don’t want the hassle of keeping up with regular changes to payroll law in the UK. Whatever the reason, SQK Accountancy is a payroll specialist and will remove this burden from your shoulders. Get in touch, or call today on 0161 706 0444.