If you intend to take on employees you will need to be registered as an employer with HM Revenue and Customs and will be required to run a payroll system.
There are essentially 3 options to run an employee payroll system:
- Pay an accountant, (as much as £75.00+ per hour) to run a payroll service for you;
- Source payroll software, update it each year and run the payroll calculations yourself;
- Use PBS, where we will provide a fully managed payroll service and do everything for you at cost effective rates.
It is the responsibility of a new employer to ensure that they remain compliant with payroll regulations. You will need to know how to process starters and leavers, generate P45’s, process student loan deductions, tax credits and calculate things like the threshold recovery of Statutory Sick Pay and ensure the correct amount of tax and National Insurance contributions get paid to the Inland Revenue. As your payroll agent all changes to employees’ tax codes, tax credits, student loans etc can be sent by HM Revenue and Customs directly to us to be implemented.
Administering your payroll yourself can be costly and burdensome, diverting your time, energy and resources from your core business. This time consuming task is made all the more difficult by the growing complexity of taxation and employment legislation. We can relieve you of this burden by providing a confidential payroll service, including:
- Customised payslips
- Administration of PAYE, national insurance, statutory sick pay, statutory maternity pay, etc
- Completion and online filing statutory forms, including P60s, P11s, P9s and Year End P35 Returns
- Updating employee details
- Summaries and analyses of staff costs, including how much and when to pay to HMRC
- P45 processing if an employee leaves your employment