Payroll is one of those tasks that you can run yourself but with lots of different deadlines and calculations to complete. It can also create a number of compliance issues which can cause frustration. This article outlines the range of work that your accountant can do for you in respect of your payroll.
Setting Up Your PAYE Scheme Correctly
Registering a PAYE scheme with HMRC for payment of employees’ tax before it is deducted needs to be done prior to the first payment and can cause problems down the line if not set up correctly from the outset. The accountant dealing with the payroll of a small business can complete the online registration for a PAYE scheme and ensure that the employer reference number (ERN) for the business and the Unique Taxpayer Reference (UTR) for the accountant dealing with the PAYE is correctly set up on the online HMRC system to enable the use of the approved payroll software.
Calculating Statutory Pay Entitlements
Statutory pay entitlements for employees on sick leave, maternity, paternity or adoption also have to be accurately calculated and paid. The amount of pay, and the qualifying period for employees, can change and an accountant would ensure you are claiming correctly and within the company’s terms and conditions.
Submitting RTI Returns on Time
RTI Returns – Full Payment Submissions for every pay date. These need to be submitted on or before the date of payment. As with all submissions an accountant deals with HMRC on your behalf should any errors occur and incur any penalties in the meantime.
Managing Auto-Enrolment Pension Duties
If you have employees, you will also need to consider the auto-enrolment pension scheme for employers. We can complete the necessary processes to assess workers and enrol them into a suitable qualifying scheme and also complete the re-enrolment declaration every 3 years.
Producing Payslips and Year-End Documents
All employees are entitled to receive a payslip on the date of payment or before, and a P60 by 31st May each year.
For Tewkesbury Accountants, see https://www.randall-payne.co.uk/services/accountancy/tewkesbury-accountants.
By handing over your payroll to an accountant you can concentrate on the things that are more important for your business, and let someone else worry about the various deadlines for payroll and the consequent penalties for late submission.