Payroll is a vital function of any business - Paying employees in a timely and precise manner is critical. However, meeting your obligations as an employer can be daunting. Payroll requires both time and expertise.:
As a business owner there are many benefits of outsourcing this function to Fairmile:
The complexities of payroll processing requires a significant amount of time on a daily and weekly basis – Whether it's calculating payroll amounts, generating in-house reports, or simply printing payslips, the demands on your time can be extensive, especially if you’re not an expert.
Let Fairmile take care of payroll and free up your valuable time to devote to key business priorities.
The costs of payroll staff, software and regular training for legislative updates really add up - Make valuable business savings by outsourcing to Fairmile for a simple set monthly fee based on the number of employees, ensuring you only pay for what you really need.
Outsourcing payroll to the experts reduces time, hassle and responsibility of changes, not to mention the risks of getting things wrong and incurring associated penalties. Payroll mistakes can be costly, angering employees and HMRC / The Pensions Regulator who enforce heavy penalties for non compliance.
Legislation changes are common. Here are two examples of biggest legislation changes impacting payroll in recent years:
- Auto Enrolment The biggest change to affect payroll since the introduction of RTI - Workplace pension reforms have necessitated preparation and compliance by all businesses. On reaching the staging date (for every pay period) the employer is responsible for ensuring employees are assessed for auto enrolment eligibility, and placed into a workplace pension if they meet the criteria. Contributions are then taken from the employee’s salary, and matched by the employer. Fairmile can take care of this ensuring no additional effort is required by you.
- Holiday Pay Holiday pay in the UK is changing. Calculating holiday pay fairly for your workforce is something businesses can start doing right now to avoid miscalculation of holiday pay and the cost implications for your business. Fairmile can take care of this ensuring you remain on track.
As a business owner you are unlikely to be a professional in the challenging world of tax regulations. Simultaneously, you are lawfully responsible for ensuring your business remains compliant. So it's wise to let the experts at Fairmile handle this complex area.
Payroll is a crucial and time sensitive activity ensure HMRC compliance under RTI regulations, Pension Regulator compliance and just as importantly, ensuring your valuable staff get paid on time.
It's also critical that payroll is meticulously recorded and up to date.
Fairmile will manage your payroll providing you with a friendly, efficient, reliable service, seamlessly integrating with your organisation.
- Set up your PAYE Scheme with HMRC .
- Handle the new starter set up process.
- File year-end returns with HMRC and provide your staff with P60s at payroll year end.
- Complete and file P11D’s.
- Set up and administer your pension scheme