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Run payroll and manage auto enrolment with ease
Payroll is complicated and has to be done on time. As an employer, you are responsible for the mistakes. We can take the strain away from you and let you get on with running and growing the business.
Payroll in the sense of “money paid to employees” plays a major role in a company for several reasons.
From an accounting perspective, payroll is crucial because payroll and payroll taxes considerably affect the net income of most companies and because they are subject to ever changing laws and regulations.
From a human resources perspective, the payroll in Milton Keynes department is critical because employees are sensitive to payroll errors and irregularities: good employee morale requires payroll to be paid timely and accurately. The primary mission of the payroll department is to ensure that all employees are paid accurately and timely with the correct withholdings and deductions, and taxes are filed consistently and accurately to applicable regulatory bodies.
We offer a fully-managed payroll service. Outsourcing to us can normally reduce the costs involved in having payroll in Brackley trained employees in-house as well as the costs of systems and software needed to process a payroll. It will also relinquish the responsibility for the ever increasing complexity of payroll legislation including annual tax codes changes, Real Time Information (RTI) and auto enrolment.
We will tailor our payroll service to suit you. We will produce pay slips and make BACS payments as required. We will administer PAYE, National Insurance, Statutory Sick & Maternity Pay, tax credits & student loans as well as bonuses, commissions and one off payments. We will complete all statutory paperwork.
Our payroll service is fully compliant with auto enrolment and RTI legislation. We can manage the auto enrolment process for all our payroll clients and ensure that all reporting obligations are met.
It has long been recognised that most people are not saving enough for retirement and, as a result may not be able to afford to live comfortably in their retirement on just the State Pension. As people are also living longer, there is increasing strain on the state benefits system, so private pension provision is becoming increasingly important.
Auto enrolment is a Government initiative to help more people save for later life through a pension scheme at work. In the past, many workers missed out on valuable pension benefits, because their employer didn’t offer them a pension, or they didn’t apply to join their company’s pension scheme. Automatic enrolment changes this. It makes it compulsory for employers to automatically enrol their eligible workers into a pension scheme. The employer must also pay money into the scheme.
Automatic enrolment is currently being phased in, starting with the largest UK employers. All eligible employees should be enrolled into their workplace scheme by 1 February 2018, at the latest. The responsibility for complying with the employer duties rests with the employer.
The Pensions Regulator has a range of powers to tackle non-compliance including serving fixed and escalating penalty notices. Figures published recently show an increase in the number of fines issued to employers who did not comply with their workplace pensions duties on time.
The reforms recognise that not all workers are eligible for automatic enrolment and that others, such as the self-employed, do not qualify. Provision has been made to allow those who fall outside of automatic enrolment to join pension schemes and start building retirement benefits.
Real Time Information system for PAYE
A new Real-Time Information (RTI) system for PAYE requires employers and pension providers to report to HMRC about tax and other deductions at the time payments are made – as opposed to reporting them all at the end of the year.
This enables HMRC to obtain more up-to-date, accurate data from employers rather than waiting until the end of the financial year to update their records. It also means that employees will pay the right amount of tax every month and their records will be updated whenever there is a change in their pay and work benefits.
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