For small businesses, taking on an employee and subsequently building a team marks a significant accomplishment. However, adding employees to the payroll also requires business owners to learn about the PAYE process and to keep up with all the ensuing admin. Apart from paying employees the right amount, statutory tax and NIC deductions need to be calculated and deducted from each salary.
With many small businesses stretched for time and resources, it is all too easy for errors to be made: new research findings show that almost half (45%) of SME employees have paid too much tax due to errors in their pay check, such as an incorrect tax code or a miscalculated deduction. Employers may struggle to keep up with additional deductions, including travel loans, childcare vouchers, student loans, gym memberships and medical insurance.
Fortunately, there are a number of solutions available to help businesses avoid getting lost in sums and paperwork. One option is to delegate payroll tasks to an accountant, freeing up precious time to focus on core business activities. Outsourcing to a qualified, experienced firm further reduces the burden on the company as it eliminates the need to pay a full-time employee for this service.
That’s where we come in. At BW Accounting Solutions, we manage payroll for our clients using up-to-date software that efficiently calculates deductions and generates payslips. We can make RTI submissions to HMRC on your behalf on a monthly or even weekly basis, and you can access all submissions and payroll documentation through your own personal account securely at any time. This system ensures that your business and employee data stays private, including sensitive information on individual employee earnings.
Crucially, you won’t have to worry about falling behind with your PAYE liabilities as we will keep you informed about any new developments or obligations. We’re always happy to have a chat so if you have any concerns about payroll, get in touch with your queries – no strings attached.