08 May Dealing with PAYE is far easier for businesses that outsource their payroll
Any small business or startup tends to rely on a few key employees or even just the business owner for most administrative functions. However, it’s not always feasible for the business owner or key administrator to run a payroll effectively. This is even more critical when a number of employees are on board and different pay rates, bonuses or overtime are in place.
Dealing with all the ramifications of PAYE, National Insurance and obligatory pension contributions can become a real headache and extremely time-consuming for untrained workers. It also requires a good deal of in-depth knowledge or research for effective handling. What’s more, it can be really easy to miss important software updates or new legislation if you’re new to running payroll, and outsourcing your salaries means this doesn’t happen.
Benefits of outsourced payrolls
Outsourcing your business payroll can be the most effective solution for small businesses and startups and ensures that every worker is paid on time each month/week. All the stress of managing the payroll is eliminated when it’s outsourced and this also ensures any startup complies with all essential legislation from the very outset.
Putting it in the simplest terms, some of the benefits of outsourcing your payroll include:
– Simplifying all compliance issues, including meeting GDPR requirements
– Ensuring business and IT risk levels are minimised
– Enables a national or global payroll operation, if needed
– Meets all current and proposed legislation, such as the impending move to digital payroll returns with the Making Tax Digital initiative from the UK government
– Cuts the administrative burden to your business and enable key staff to focus on core operational issues
No matter what sector or industry your business operates in, outsourced payroll professionals can provide an effective and accurate service needed. It’s easy to scale an outsourced payroll to meet your operational needs, on a daily, weekly or monthly basis and reduces all requirements for your team to handle issues relating to pensions, Universal Credit or tax inquiries.
SQK Accountancy provides the efficient payroll and VAT services required by startups and small businesses.
Get in touch to find out more.