Most businesses in the UK are small businesses, and many of these have less than 20 employees. These businesses often don?t have a specialist HR or payroll department, with such functions being handled by directors whose skill might not be in finance. Nevertheless, all businesses are treated the same by HMRC who expect all business to be compliant regardless of size.
Running a payroll can be time consuming and it makes sense to outsource, especially if you run a small business. Here are just four ways that outsourcing payroll to an outsourced payroll provider can help your business to be compliant.
1. Keep up to date with HMRC
Every year, HMRC introduce many new payroll rules and regulations. Most are small, but some are very big, such as: workplace pensions and gender pay gap reporting. These changes can be diffcult and time consuming to implement. And, there are always fines for non-compliance.
Outsourcing payroll to an expert such as JLP ensures that your business will always well prepared and up to date when it comes to new legislation.
2. Workplace Pensions
Workplace pensions have been with us for a few years now, but if you are a new or growing business and are facing auto-enrolment for the first time, it can be hard to ensure you?re meeting all your obligations.
Once again, an outsourced payroll provider can help enormously, because they will manage the day to day interaction between your businesses and the various pension schemes. This will help to ensure that payments are never missed. We can also help with setting everything up right at the start.
3. Keeping Accurate Records
Keeping accurate records is a must for any business ? in fact it is a statutory requirement
When it comes to payroll, especially with a growing force, complexity arrives as you are required to process overtime payments, maternity, sick leave and much more. An outsourced payroll provider will do all of these tasks for you, saving time and money.
4. Ensure you meet your deadlines
Outsourcing your payroll guarantees that everything that should happen, happens on time ? accurately. That will keep you, your staff and HMRC happy.
Contact us for an initial chat about outsourcing your payroll.