5 Reasons to outsource your payroll

Very few business owners or managers would say that they actually enjoy dealing with payroll. But are there good reasons, apart from this, to outsource your payroll to a specialist Payroll Bureau? Yes, there are plenty! Here a just some:

1. Cost. Add together the cost of the specialist software that you now need and the staff (or your own) time to do the payroll run and you will generally find that it is more effective to outsource the work to specialists.
2. Productivity. Payroll management is non-productive. Your time can be better spent developing your business.
3. Accuracy. It is important that payroll is accurate every time - saving you and your staff anguish! A specialist provider is far less likely to make mistakes - and if they do, you can take action against them!
4. Reliability. No worries about your payroll staff calling in sick just as payday approaches. No worries about having to train new staff if your payroll person moves on. The payroll specialist will be there for you come rain or shine.
5. Legislation. HMRC regulations change frequently. Have you got time to keep up to date with the latest legislation? Are you prepared for the consequences of missing something. You can be sure that the payroll specialist will be up-to-speed on all current legislation.

You need to ask yourself if the advantages outweigh the disadvantages. If so, why not get a FREE, no obligation quote from us today.

Further RTI information

An interesting question was raised on a forum today about whether it was necessary to submit RTI if there was no payment made to an employee in a particular pay period. Well, not according to HMRC - I quote:

"From 6 April 2013 employers will have to start reporting PAYE information to HM Revenue & Customs (HMRC) in real time. You may see this referred to as Real Time Information - or RTI.
This means that employers (or their accountant, bookkeeper or payroll bureau) will have to:

• send details to HMRC every time they pay an employee (my underlining), at the time they pay them
• use payroll software to send this information electronically as part of their routine payroll process"

That seems pretty clear. You only have to submit a return when you make a payment.

Worrying information regarding RTI!

The Chartered Institute of Payroll Professionals has reported a worrying survey that has recently been produced regarding RTI (Real Time Information):

"Recent research by national tax, audit and advisory firm Crowe Clark Whitehill has revealed that many SMEs are not ready to start reporting Pay As You Earn (PAYE) information to HM Revenue & Customs (HMRC) in real-time. The research has found that only half of respondents know whether their payroll provider had RTI-compliant software. Just 36% of those who responded had checked their employee data and only 10% of respondents had a project plan in place to manage the transition to RTI."

Are YOU ready? Do you have a plan for dealing with RTI? For further information and advice, visit my website at www.wirralmediaenterprises.co.uk

We can offer a full range of payroll solutions which will solve your problems.

RTI

HMRC have provided much useful information regarding the switch over to RTI. The following is a quote from their website:

"By providing this information in real time, HMRC will be able to tell you how much you should pay each month. This will make

it easier for you to pay the right amount each time and help you to avoid making late payments and incurring penalties."

 There is a very helpful check-list of what employers need to do in the run up to 6th April 2013 and what they need to do thereafter which can be found here

RTI is COMING!!

RTI is coming. Are you ready?
From April 2013 (just a few short weeks away), virtually every employer in the UK will be required to send a return to HMRC every time they pay their employees. This system is known as RTI (Real Time Information).
To be able to comply with these new regulations, employers will either need to have their own RTI-enabled payroll software or employ the services of a Payroll Bureau.
For further information on the implications of RTI, please email me frank@wirralmediaenterprises.co.uk