Payroll
Payroll is subject to a raft of rules and regulations which is constantly changing and evolving and which can be one of the most emotive to deal with.
It doesn’t matter if it’s run weekly, monthly or annually, for one or dozens of staff or just for Directors, it’s a minefield.
It’s essential that business owners have complete faith that payroll is prepared accurately, promptly and takes account of ALL aspects of the regulations.
The more people a business employs, the more likely it is of course that matters such as Minimum Wage, State Maternity Benefit, Paternity Pay, new starters, leavers, Statutory sick pay, holiday adjustments, commissions, expenses and a range of other amendments and schemes become relevant. Let’s not even mention Furlough…
At Baranov Associates, though we keep up to date with payroll legislation, we don’t process payrolls internally.
Instead, we’ve identified a specialist payroll bureau who seamlessly take care of all of the adjustments, processing and administration for our clients.
What’s the benefit of this approach?
- It allows our clients the peace of mind that their team are receiving all that they should in a very cost effective way.
- It allows us to focus on the areas where we can provide most value.
We manage the overall process, liaise with the business owners and the payroll agency as necessary, particularly in the early days of the relationship or should issues arise. Otherwise we leave the relationship to develop to enable the agency and client to work closely together.
Our colleagues at the payroll bureau are able to act for you in exactly the same way as if they were sitting in our office, with you having at least two named contacts to speak to and a designated telephone number and email address.
And it’s not just us who think they’re good at what they do. We recently received an email including the following client comment about the bureau we’ve chosen to partner with:
I had a very nice conversation [with the bureau] this afternoon and we’re getting the Payroll organised too. She was very helpful and professional, thank you for having her as part of your team!
Any talk of payroll would be incomplete without mention of P11ds, which are still processed by us. Much of the information required for the annual submission of these reports on taxable benefits provided to employees can be collected at the point that we prepare the accounts, streamlining the process.
As any business grows, payroll can become an increasingly time consuming headache to manage, which is further complicated by Autoenrolment. The ongoing Autenrolment administration can be dealt with by our payroll colleagues, alternatively they are equally able to work with a third party; they are as flexible as we are, and able to design the process that suits you.
Why not talk to us now to find a solution that gives you the peace of mind to know that your payroll will be right first time, every time?
Related Info
Common Payroll Questions…
I’m happy with how my payroll is being dealt with; can I leave it with my current accountant or bureau?
Absolutely; if a relationship is working well, we don’t want to complicate matters! We can work alongside your existing supplier quite happily.
I’m the only person who works for my Company. Why do I need a payroll at all?
By taking a small salary, it’s very likely that you’ll benefit from tax relief in the company that could be worth more than £2,000 per year.
Taking a small salary and dividends for most people remains the most tax efficient way to withdraw funds from a Limited Company.
That said, it’s definitely something to keep under review as the rules around Dividend Tax are changing over time.
What do I need to be aware of when making payroll payments?
Under Real Time Information guidelines, HMRC must be told key pieces of information before payments are made to employees. This is one reason why we recommend preparing your payroll in good time before your pay date. This information includes the amounts of Tax and National Insurance to be deducted, and the net pay total.
Any payroll agency should take care of these notifications on your behalf and let you know once they have been done so you know you are able to make your payments.
How much does a new employee cost?
It’s a question we’re often asked, but the answer may be ‘less than you’d think’!
There are ways to make that new recruit more affordable, less daunting, and to improve the chances of that recruitment being a success.
Watch this video to find out more…
Chris and Liz are fantastic; they always explain things in simple plain English. They’re always happy to respond to any questions I have no matter how silly they might be.
Whenever I‘ve had a chat with Chris and Liz I always walk away with a positive outlook on my business, even when things have not been going to plan they’ll give me advice on what I can look at trying to improve.
I cannot thank them both enough for the help they’ve given me in improving my business.
Mr A Culverhouse, Culverhouse Gardens Limited
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