More and more businesses today are outsourcing their payroll to UK payroll services rather than carrying on doing it in-house. This has increased considerably since 2013 when HMRC introduced RTI – Real Time Information – which means that now tax deductions and reports have to be submitted every time an employee is paid rather than just at the year-end.
There are many benefits of outsourcing to UK payroll services, not the least of which is that the payroll will be reliable. When you do payroll in-house, the accuracy depends entirely upon the abilities of the people doing the payroll. Many businesses, in fact the majority, don’t have sufficient employees on their payroll to justify employing an expert in-house, so they train up a staff member to do the payroll on one or two days a week, or however long it takes.
So far, so good. But will that staff member keep up to date with all of the changes in legislation around tax laws? What happens if that staff member goes sick the day before pay day? Worse, what happens when that staff member quits and goes to work for someone else? You have to start all over again, training a new staff member.
There’s More
Those are just a few reasons why you should outsource your employees’ payroll. But there is more. When you do it in-house, you also have to invest in the necessary software and printers. You have to print and distribute payslips, create tax documents, and so on. Then there is the cost of all the hours that your appointed staff member actually spends on the payroll, all of which doesn’t earn you a cent! It is an overhead – and a big one at that.
Then there is always the chance of errors. The bigger your payroll, the more chance there is of your staff member making a mistake, which we can guarantee HMRC will not be happy about. In fact, it can result in fines as well. Ultimately, as the business owner, it is on your head.
This is still the case when you outsource your employees’ payroll, but when you use our services at Pay Check the likelihood of errors creeping in are very few and far between. Quite simply, we are specialists at what we do, so we keep on top of everything, and we have systems in place to double-check that your payroll is spot on.