Owning and running a business is a big learning curve. There are so many tasks that you just don't realise you need to do until they are upon you. Payroll is one of those tasks. As soon as you employ someone over the lower earnings limit you have a payroll to process. Where to start? First of all you need to find out what the lower earnings limit is. You also need to know the minimum wage to ensure you don't pay below it. And of course never offer your employee net pay - it could cost you a fortune.
Getting your new employee's pay right is vital both for them and for you if you want to avoid HMRC breathing down your neck!
So many things to think about but it is surprising how many business owners don't consider outsourcing this task to someone experienced. Is it really the best option for your business and your employees to do it yourself? How much time does it take to read HMRC guidance and keep up to date with legislation and changes to minimum wage, SSP, SMP, SPP, holiday pay, etc. Payroll can be straightforward but sometimes it can get just a bit too complicated. But what if you think you are doing it right and then it comes to light that you weren't?
We provide outsourced payroll services to businesses with just 1 employee as they know it its not worth doing it themselves. Of course we also process payroll for businesses with many more employees than this too and they know it makes sense to have someone qualified and experienced dealing with more complex payrolls. It makes sense to get t it right from the start with the added bonus that they can also get advice on paying SSP, holiday pay, dealing with starters and leavers, etc.
Outsourcing payroll will ensure your employees get paid correctly, you meet your RTI deadlines and will definitely give you peace of mind.