Payroll 

Payroll That Works For You

Let’s face it, more often than not, when you envision starting a business, you are imagining actually running your business. This means getting involved in creating and selling products, or a service that means something to you. It is not often that your dream of running your own business involves the more dreary side like administering payroll or doing accounting. This is just one of a few reasons why outsourcing your payroll is an ideal solution. You can actually leave your payroll in capable and passionate hands.

Payroll can be a daunting task to maintain for most business owners and is also an admin heavy duty to handle. Having an outsourced payroll administrator in your business allows your staff members to only worry about doing what they do best in your business. Don’t forget that there are many different aspects of payroll that need to be considered and need to be done correctly.

Getting On Top of PAYE

It is no secret that payroll can be a complex procedure to navigate. You need an understanding of how PAYE (Pay As You Earn) works, when to submit to HMRC (HM Revenue and Customs) and what to submit. Since the introduction of RTI (Real Time Information) in April 2013, payroll information needs to be submitted with each period where staff are paid. You also need to be aware that there are two different types of submissions to make in the form of FPS (Full Payment Submission) and EPS (Employer Payment Summary). The FPS is the most common submission and is required on or before the day that employees are paid. 

The FPS submission to HMRC will allow them to calculate how much tax and NIC (National Insurance Contributions) you are due each pay period. EPS submissions are only necessary when there has been a change to the liability or you need to inform them of a zero payment. 

Avoiding Fines With HMRC

As a business owner, it is up to you to ensure that your payroll is handled efficiently and is of a high quality standard. This is because not only does the payroll calculations affect what your staff members need to contribute, but it could also mean avoiding an audit from HMRC. Due to the nature of RTI, every time you submit to HMRC, the information is matched against records it stores. Should the information that you submit not match the records, then you may trigger inaccurate or duplicate records. This ultimately leads to incorrect atx calculations or HMRC compliance checks. 

HMRC will also fine you if you haven’t submitted your FPS on time, or if you are not sending the expected number of FPS’s. Additionally, you are also liable for a fine if you don’t submit EPS’s during pay periods where employees are not paid. Your fines will depend on your transgression and is something that Accounts Fortress will help you to avoid. 

The Trusted Payroll Accountants

There are many different regulations when it comes to your payroll and it is crucial to ensure that you comply to avoid comebacks from staff or HMRC. Accounts Fortress will also ensure that you stay up to date with any threshold increases in tax, statutory contribution changes or updates to legislation. This just means one less thing for you to worry about outside the running of your business. Let us take care of adding your employees with the correct forms, submitting your records to HMRC and setting up the correct payslips for your employees!

With Accounts Fortress’s Payroll and accounting services, you can rest assured knowing that your sensitive payroll information is handled with the utmost discretion, that your payslips are correct and your submissions are made on time. Get in touch with us today to find out exactly how expert accountants in London can help your business.