Outsourced Payroll Services
Are you looking for Payroll Services? Let McGinty Demack Accountants tell you more about:
- What payroll services are
- How you will benefit by outsourcing your payroll services
What are they? These are activities that need to happen when you employ people in your business. The activities are mainly administrative but are based around very important tax legislation that details what tax and pension you need to account for when you pay your employees.
Specific rules apply to payroll services. With the introduction of Real Time Payroll by HMRC it became necessary to submit Payroll data to HMRC when employees were paid as opposed to at the end of the tax year. This means submitting data electronically weekly, monthly or as and when your employees are paid.
All employers also now have to operate an employee Pension scheme through Auto Enrolment. This involves dealing with the pension regulator and calculating and reporting pension amounts.
Payroll Bureau Functions
Payroll services encompass Calculations and Administration and include the following activities:
- Setting up employees
- Employees leaving service P45
- Annual tax calculation P60
- Bonus payments
- Holiday Pay
- Statutory sick pay and maternity pay
- And others
These are just some of the requirements that have to be fulfilled when running a payroll but please remember most of these are mandatory requirements and failure to process them correctly can carry penalties.
Some employers process their own payroll. But it is worth considering the benefits of outsourced payroll services to a payroll bureau. A payroll bureau is were employers send employees work records and rates of pay to be processed. McGinty Demack operates a payroll bureau. We calculate salary and deductions which are checked and submitted to the revenue on your behalf.
We have already identified the importance of compliance relating to correct payroll calculation. By outsourcing you are engaging an organisation who specialise in payroll. In other words, running payroll is a fulltime process which is maintained by experts with long experience and current up to date knowledge.
In a Payroll Bureau, individuals are trained, aware, and quick at processing payroll because of their experience. This means that they are efficient and make the service cost effective to outsource. Furthermore you are also saving the expense of having and maintaining your own payroll software.
Efficiency is particularly important with the need to react when new legislation or changes in legislation occur. McGinty Demack ensures all our payroll staff are up to date with any changes as and when they occur.
The benefit of being able to outsource a critical function cannot be overestimated. Consider what the effect of an incorrect payroll has on both the employer and the employee. Answering payroll queries takes up valuable time which can of course be better utilised in your core business activities. Dealing with the Inland Revenue on investigations and even visits. There is also the advantage of being able to deal with changes quickly and effectively. This was most recently experienced with the Furlough scheme. All of this can be measured in time saved
Moving to our Payroll bureau.
This is easy first you will want to know what it costs.
You can do this by either telephone 01942 322767 or email firstname.lastname@example.org. Alternatively, we have an online quote form where you can send details of your payroll services requirements which will produce a proposal based on your needs.
When finalised we look forward to welcoming you onboard.
Outsource your payroll processing today to MGD and make good decisions.
Personal Member of Chartered Institute of Payroll
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