Outsourcing your payroll means you can focus your attention on managing your staff and growing your business.
As an SME owner, running your own payroll might be manageable initially, but as your business grows (which most SMEs aim is to do), it can become increasingly difficult, and time-consuming, to manage yourself.
On top of that, payroll legislation is continually being updated, and staying abreast of the changes can really impact your time if you manage your own payroll.
Of course, no one prepared us for the COVID-19 pandemic which added another level of complexity to payroll operations across the UK. We saw, overnight, the introduction of the Coronavirus Job Retention Scheme, more commonly known as the ‘Furlough scheme’. In a short space of time, payrollers had a learn about how to implement the scheme and had to keep updated with frequently changing rules, at times weekly!
Although September sees the end of the furlough scheme, there are further significant payroll changes on the horizon. The Prime Minister announced plans to provide an additional £36 billion over a 3-year period for health and social care to be funded by a new, UK-wide 1.25% Health and Social Care Levy. April 2022 will see the introduction of this levy via a temporary 1.25% percentage increase to National Insurance contributions. As of April 2023, the National Insurance contributions will revert to current rates and a separate 1.25% Health and Social Care levy will be introduced.
Dividend taxes, in line with the Health and Social Care Levy implemented through payrolls, will also be increasing by 1.25% from April 2022.
What does this mean for payrollers?
It means that even though the furlough scheme has ended, ongoing legislation changes and how these impact both you and your business’s time, effort, and resources will not go away. In fact, over the coming years, these demands are likely to increase, and running your payroll will be as much about translating and understanding legislation as it is about implementing and paying your staff weekly or monthly.
How can we help you?
Warren House Chartered Accountants offer a bespoke personalised payroll service with your own dedicated team member to run your payroll each pay period. Our vision is to make your payroll process streamlined and easy for you and your employees.
Our payroll team has a wealth of knowledge and experience in running payroll for a wide range of businesses, and by working with you we can tailor the right solutions and timescales for your businesses’ needs.
We have invested in multi-award-winning payroll software that improves the efficiency and performance of your business. The benefits to you and your employees include:
- Real-time client self-service dashboard
- A quick and easy approval process
- Access to reports
- Secure and automatic cloud back-up
- Secure HR document upload facility
- Secure and easy self-service portal allowing employees access to their payroll and HR data 24/7
- Employee smartphone and tablet app
- Annual leave management function
- GDPR Compliant
- Automatic enrolment management ensuring full compliance with the pension regulator
- IR35 and off-payroll worker payroll processing
Whilst the natural time to migrate your payroll function is typically in April, we can facilitate a smooth transition for your business at any point during the year.
Get in touch
If you need help with your payroll so that you can concentrate on managing and growing your business, please email email@example.com, or give me a call on 01273 963656/ 01444 716946.