Payroll is a vital part of running a business, but it’s also a common source of stress and mistakes. Whether you’ve just hired your first employee or are managing a growing team, here’s what you need to know.
1. Understand Your Responsibilities
As an employer, you must register with HMRC, calculate pay and deductions correctly, and submit Real Time Information (RTI) on or before each payday.
2. Handle Pensions and Auto-Enrolment
You’re legally required to provide a workplace pension and enrol eligible employees. Contributions must be managed and reported accurately.
3. Keep Up with Legislation
National Minimum Wage, holiday entitlement, sick pay, and maternity leave rules change regularly. Staying compliant is essential to avoid penalties.
4. Issue Payslips Correctly
Payslips must include details such as gross pay, deductions, and net pay. They need to be issued each pay period, either digitally or on paper.
5. Avoid DIY Pitfalls
Trying to manage payroll in-house can lead to costly errors. Outsourcing to professionals ensures accuracy and peace of mind.
Let us take payroll off your plate.
Coombs Chartered Accountants provides complete, HMRC-compliant payroll services tailored to your business. Reach out today to get started.
