Payroll

HMRC are encouraging more employers to payroll employee benefits in kind rather than declaring benefits on the end of year P11d forms. If employers haven’t already done so they should register online with HMRC on or before 5 April 2022 to payroll employee benefits for the upcoming 2022/23 tax year. The advantages of payrolling benefits in kind are: employers no longer need to submit P11D and P46(Car) forms to HMRC simpler PAYE codes mean HR teams receive fewer queries from employees regarding tax tax deductions in monthly payroll will be more accurate tax codes for individuals should change less frequently [...]

A brief guide on how outsourcing your payroll works Regardless of your business size, outsourcing your payroll is a justifiable decision. Running your own payroll is tough – especially if you are lacking a dedicated team to do it! In this article, we explain how outsourcing your payroll works and which services you can hand over to a qualified accountant. A step-by-step to outsourcing your payroll Whittle down (and pick!) a payroll provider Your first step is to find the right provider. Usually, payroll is outsourced to a qualified chartered accountant or accountancy firm, who is fully trained in running [...]

UK payroll legislation & compliance In case you were unaware, payroll departments have a certain set of legislative guidelines to follow, of which are put in place by the government. This is to ensure that best practise is followed and that businesses are running payroll in a correct and legal fashion, and also so employees are taxed at the right rates – among many other reasons. In this article, we briefly explain the UK payroll & compliance legislation for tax year 2021/2022. Each tax year presents an update in UK payroll legislation, so ensure you revisit this subject before each [...]

What is included in payroll services? Do you dread payroll day? You won’t be the only one. Submitting payroll information on behalf of you and your employees is time-consuming, slightly tedious, and requires your undivided attention to avoid making mistakes. There are ways you can simplify your payroll, though – beginning with appointing an accountant to manage it all. Here are 5 simple payroll services we offer at Harris Lacey and Swain. 5 payroll services we offer Our payroll services are inclusive of everything you need to complete your weekly or monthly payroll – including submitting timesheets, running payroll, providing [...]

It’s no secret that accounting is based on numbers and calculations. But did you know that accountants have their own metrics like mathematicians do, too? One of our metrics is called payroll to revenue ratio, and it works out a business’s productivity level rather than monetary amounts alone. Read on to find out what payroll to revenue ratio is, and whether you’d benefit from knowing your own. What is payroll to revenue ratio? Payroll to revenue ratio is an accountancy metric that measures how well a business utilises employees to generate revenue. Business owners or HR managers often use this [...]

If you are a new limited company owner, you’ll need to think about how to pay yourself a salary (and your employees, if you’ve got them). Although you are on the receiving end of your business earnings, unfortunately, it’s not as easy as helping yourself to your wage, and every month needs to be reported to HMRC or accounted for. Here is our digestible guide on how to do small business payroll – we hope you find it useful. Small business payroll to-do list Open a business bank account. We always recommend business owners open a separate bank account for [...]

Employers can deduct and pay tax on most employee expenses through your payroll (sometimes called ‘payrolling’) as long as you have registered with HMRC before the start of the tax year (6 April). This can be particularly beneficial in the first year that a company car is provided to an employee as it means that they won’t get a big tax bill at the end of the year. Employers do not need to submit a P11D form for an employee if you’re paying tax on all their benefits through your payroll. However, they still need to submit a P11D(b) form [...]

Many small businesses turn to a trained accountant when it is time to file their mandatory business taxes and organise their books. Though, we often meet managers of small teams who are resistant to seek help with their payroll activities; a popular misconception is that outsourced payroll services are only meant for large businesses with multiple teams to onboard and keep track of. As trained accountants, we can confidently tell you that payroll is hard work, whether you've got five employees or fifty! Here are just a handful of reasons why outsourcing your payroll may be a smart decision for [...]