Why strugle with Payrol when you can outsource

Author: Alex Hunt

Author: Alex Hunt

Payroll is one of the basic services that chartered accountants can provide their clients. After all, why struggle with the hassle and complexities of understanding and processing a payroll - when somebody else can do it for you - probably cheaper than you think! Think of all that complex legislation, that changes frequently, issues like attachment of earnings orders, sick pay or maternity pay - with the increasing burden of penalties if you get it wrong! Chartered Accountant services are responsive, accurate and flexible and comprehensive. So all in all, chartered accountants can offer a secure and reliable way of taking the hassle factor away. Payroll can be a complicated area - but not if you use a payroll services! You provide an accountant with the basic information about your employees and they will do all the rest with a standard turnaround of less than 3 days to provide you with payslips and peace of mind that all the calculations are expertly carried out. Whether you have just 1 employee or a 1000, their services will take the strain! A service plan is comprehensive and confidential and includes: computer generated payslips administration of PAYE, national insurance, statutory sick pay, statutory maternity pay, paternity pay, etc completion of statutory forms (including year end P35, P14 & P60 tax returns) leavers and starters - and forms P45 and P46 regular summaries and analysis of payroll and staff costs, split by department if required dealing with bonuses, incentive schemes, termination payments as well as regular wage or salary payments. A weekly or monthly summary notification of payroll tax liabilities and payment dates. Accountants can also liaise with your bank so that the payments due are credited directly into your employees or the taxmans bank accounts without you having to do anything. All with a standard 3 day turnaround time between you giving us the information and providing you with the payslips. Benefits-in-kind Not every business provides benefits-in-kind to its staff. But if you do then you have an annual reporting requirement for forms P11d that can be both time-consuming and quite difficult to get right. We can help you to periodically collate the basic information and to then prepare the P11d and P11d(b) returns. Bookkeeping Chartered Accountants in Milton Keynes can relieve you and your business of a significant burden by taking care of all your bookkeeping needs. This ranges from making use of our in-house, or on-site, bookkeeping bureau to deal with day-to-day bookkeeping and VAT returns to your annual bookkeeping in preparation for your annual accounts. They will treat every business individually so that they can tailor the approach to your requirements. DispensationsIf you pay your staff any expenses, but are not sure what a dispensation is then you certainly need to find out more! The UKs tax rules state that if you pay your staff anything other than a wage, even a reimbursed expense, then you should submit a benefit-in-kind tax return (form P11d) for each member of staff. But, the legislation also provides an exemption from preparing P11ds in a variety of circumstances and this exemption is called a dispensation. It has to be formally applied for but is well worth the effort - mainly because the penalty for not submitting a form P11d can be as high as 3,000 per form! Ask how they can detail and then organize a dispensation for you.About the Author:

Jonathan Vowles are a firm of Chartered Accountants in Cranfield near Milton Keynes offering accountancy and business consultancy services to a wide range of businesses from owner managed and family owned businesses to subsidiaries of large companies and to high net-worth individuals.

chartered accountant milton keynes

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