Form submitted!
Thank you for getting in touch. A member from our friendly team will aim to get back to you shortly.
All the best,
The SK Accountants team
How you can make your payroll run smoothly
The smooth running of payroll is vital as your staff are one of the most important parts of your business.
So, getting their pay right is crucial to calculate how much should be paid and what deductions are made for student loans, Income Tax and National Insurance, before filing with HM Revenue & Customs (HMRC).
For a smaller business, running the payroll can be incredibly time-consuming, but that is where payroll software and assistance from an accountant can really help.
What does payroll cover and what must employers do?
As an employer you should:
- Calculate salary or wages and any other pay, benefits or bonuses
- Calculate and make deductions for tax and National Insurance
- The National Insurance contributions from the employer must also be calculated
- Report all pay and deductions to HMRC in a Full Payment Submission (FPS)
- Produce payslips for each employee, which show gross and net deductions
- Deduct pension contributions from both employee and employer.
HMRC says it will send you a late filing notice if you’ve paid any employees and do not send an FPS or send one late.
They can also charge you a penalty unless you have a valid reason for reporting late. Late, missing or incorrect payroll reports can also affect your employees’ income-related benefits, such as Universal Credit.
Why use an accountant?
Accountants are experts in this field and their software is adaptable to the needs of a wide range of businesses.
How can an accountant help?
- A few days before payment is due, the accountant will receive information about the employees’ rate of pay and calculate and update the amount each is to receive
- They will add new staff members to the payroll and calculate, which employees need to be enrolled in the pension scheme
- They will send a draft payroll to the employer before it’s submitted to HMRC, showing deductions and net pay and there will be a chance to discuss any changes that may be required
- On pay day, the necessary submissions to HMRC and any pension schemes will be made.
Payslips will be sent out either directly to staff members, or to the employer to distribute and funds paid to employees.
They will also send out annual P60s and draft P11D returns for HMRC for any employee who has received benefits or expenses.
Most accountants can also assist employers with workplace pension requirements and can even make suggestions about tax-efficient benefit schemes.
Need help with payroll and related matters? Contact us today.
Business 
Small business confidence dips ahead of new customs controls coming into force
Four in 10 exporters have reported a fall in international sales since the end of the Brexit transition period, a major study has revealed. According to the tracker, four in 10 – around 41 per cent of traders – have reported a “drop off” in international sales in the three months to September 2021.
Business
Compliance
HMRC asks sole traders to correctly report SEISS grants or “repay in full”
Sole traders who have not correctly reported their Self Employment Income Support Scheme (SEISS) grants may be forced to repay them in full, it has been warned.
Compliance
Economy
Small businesses call for Government support to tackle climate change
According to new research, many are addressing energy usage, increasing recycling and investing in microgeneration, but only a third of those have a formal plan to tackle climate change within their business.
Economy
Tax Planning
Almost 800,000 tax scams reported to HMRC in past 12 months, figures reveal
Nearly 800,000 tax-related scams were reported to HM Revenue & Customs (HMRC) in the past 12 months, a major study has revealed. According to the report, HMRC responded to 797,010 referrals of suspicious contact from the public in the last year. Around 358,000 of these involved scams where taxpayers were offered bogus tax rebates.
Tax Planning
