How outsourcing payroll can prevent HMRC penalties

For businesses of all sizes, payroll is an essential but also draining area of finance. It involves the constant updating of information and ensuring that everything is available for HMRC when they require it. That’s why more and more businesses are outsourcing payroll to specialists to make the process easier and more cost effective. How […]

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How payroll reforms are closing the UK’s tax gap

According to HM Revenue & Customs, the gap between what the government expects to collect in terms of tax and what it actually collects was at its smallest in the last recorded financial year of 2014-15. HMRC said that it collects 93.5% of the theoretical maximum tax owed, 0.4% up on the previous year. And […]

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Payroll changes for tax year 2017/18

With the arrival of the new tax year comes new payroll legislation. Keeping up to date with the latest changes in payroll legislation is crucial as not complying with these changes, or being aware of them, could get your company in serious trouble. Key changes for 2017/18 Gender pay gap reporting From 6th April 2017, […]

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Difference between Minimum and National living wage?

The terms National Minimum Wage, National Living Wage and Living Wage are often banded about when it comes to payroll but there is confusion about what they all mean and how they can affect your business and staff. With recent changes coming into effect April 1st, we’ve laid out the differences between the three and […]

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Preparing for end of year Tax returns

All businesses must submit a tax return in order to declare income and profits to HMRC and to declare any tax due. Failure to submit tax returns on time can result in penalties and interest. Corporate entities have to file a Corporation Tax Return (CT600). As a business owner, it is important to keep on […]

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Do you need to notify your payroll provider when doing inventory?

Whether you’re taking on new long-term staff or temporary ones to cover your inventory period, you should always notify your payroll provider. It doesn’t matter how long or short they end up working for, your payroll system will need to be kept up to date. Inventory Background Most retailers carry out an annual inventory (stock […]

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Which day should be payday?

There are 3 main choices for monthly paydays: every 4 weeks, last day of the month and a specific date every month. Getting this wrong can negatively impact both your business and your employees so it’s important to choose a date that works for everyone. Every 4 weeks Comparing 4 week periods in terms of […]

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The five rules of payroll every business should know

The 1.2 million UK private sector businesses that employ staff are dictated by national payroll regulations. These include laws that dictate how tax and national insurance must be deducted, and how payslips must be issued, records kept and returns sent to HMRC. If your business is in the private sector, here are the five simple […]

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Are bonuses better than pay rises for employee morale?

Perhaps you’re having problems retaining staff, or maybe your business is doing particularly well and you’d like to reward your employees for their contribution. You may have considered raising wages across the board or introducing a bonus scheme. As there are pros and cons to both, it is worth considering these before deciding one way […]

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The importance of getting your taxes right with HMRC

Whether you are a small business owner or a HR representative of a large company, you know that payroll can be a real headache no matter the size of your business. Not only do you need to stay up-to-date with ever-changing payroll legislation, but you also need to be sure absolutely everything is in order […]

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