Payroll is a very complex area of your accounting processes. Legislation changes constantly and it can be very time consuming to make sure you keep up to date with the current rules and regulations.
Not doing so can turn out to be a very costly mistake!
We provide a full payroll bureau service which covers:
- Adding new employees
- Calculating payroll (fortnightly or monthly) including deductions for Income Tax, Student Loan, Employee National Insurance and Pension Contributions and calculations for Employer National Insurance and Pension Contributions
- Leavers and P45's
- Maintaining payroll records
- Maternity, Paternity, Adoption Leave and Statutory Payments
- Sick Leave and Statutory Sick Pay
- Auto Enrolment Pension set up and administration
- Attachment of Earnings Orders
- Payslips and monthly payroll reports by email
- Year end P60's
- In year and year end Real Time Information (RTI) filing requirements with HMRC
- Liaising with HMRC on your behalf
- Dealing with payroll related queries
We can also submit monthly Construction Industry Scheme (CIS) returns on behalf of clients.
If payroll systems are not accurate, a business can face a wide range of financial, legal, and operational problems. Some key issues include:
1. Employee Dissatisfaction and Low Morale
- Employees rely on timely and accurate pay.
- Incorrect payments (underpayment or overpayment) cause frustration, loss of trust, and reduced motivation.
- High levels of dissatisfaction may increase staff turnover.
2. Legal and Compliance Issues
- Employment laws require employers to pay staff correctly and on time.
- Errors may lead to fines, penalties, or legal action from employees or regulatory bodies.
- Inaccurate tax deductions or pension contributions can create further compliance complications.
3. Financial Losses
- Overpayments cost the business money and can be difficult to recover.
- Underpayments require corrective payments and may include interest or penalties.
- Additional administrative time is spent investigating and fixing mistakes—this increases costs.
4. Administrative Burden
- Human Resource and finance staff must spend extra time correcting errors, reprocessing payrolls, and communicating with employees.
- This reduces productivity and diverts attention from strategic tasks.
5. Incorrect Financial Reporting
- Payroll is often one of the largest expenses. Errors can distort financial statements.
- Poor financial data can lead to bad decision-making and budgeting problems.
Accurate payroll systems are essential for maintaining trust, legal compliance, financial stability, and smooth day-to-day operations within a business.
Due to the digital age we live in, we work with clients all over England. From local clients in Cornwall to further afield in areas such as London or Kent.
