Payroll Management Made Simple
Follow the easiest guide on how to do your payroll
As a responsible employer you might already be familiar with the term “payroll management”. For those who have yet to deal with this side of the business world: payroll management is one of those necessary evils in life, which ensures that your business is up and running and on good terms with the Queen, when done correctly.
Payroll processing can be rather tricky, which is why many businesses opt for payroll services in order to save time and leverage on expert knowledge.
If you are a creative soul without a clue about tax regulations or you are simply reluctant to take on Her Majesty’s Revenue and Customs system on your own, take a look at the guide below on how to run your payroll like a pro.
Our guide is meant to provide an overview of the payroll process as described on the official site of the UK government. It will help you determine whether or not you have to register for PAYE and what penalties you may face in case of a late submission.
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Running payroll essentially involves calculating your employees’ pay and tax deductions and reporting that information to HMRC in real time through the PAYE (pay as you earn) scheme. All of this is of course in compliance with the latest tax regulations and deadlines.
Today, payroll processing is greatly simplified by technology. There is payroll software that performs most calculations, backups your data automatically and can grant you remote access 24/7. Basic software is even available free of charge for small businesses with up to 10 employees.
Nevertheless, payroll is not something that should be taken lightly. Mistakes for incorrect reports and late submissions can end up being very expensive. This concerns especially small business owners and newly established start-ups that cannot afford to pay hundreds of pounds in fines every month.
Remember, if you run into troubles or simply lack the skills and patience for payroll, you always have the option of outsourcing payroll services to an experienced specialist. In the end, outsourcing may save you time and money that can be better invested in growing your core business.
And let’s be honest, numbers are not everyone’s cup of tea. After all, the world would be a very dull place, if we were all accountants by heart.