What are the benefits of using an outsourced payroll service?
There are a number of benefits to using payroll services, but one of the most vital to businesses is that their payroll activities are managed by professional, experienced providers who are able to handle all aspects of payroll including having a knowledge of relevant legislation, National Insurance details, tax codes, sick pay and so on. No additional staff are required and businesses can focus on their other activities whilst being assured that their payroll will be managed effectively.
What services can a payroll service offer?
Payroll providers will set up and manage your business’ payroll. This will involve ensuring that the correct HRMC tax and National Insurance codes are applied and will also consider deductions such as student loans, payroll benefits and so on. They will take care of handling the payments themselves (usually through BACS) and provide you with all of the necessary data to help your businesses to keep track of its expenditure. Payroll services offer all of this as well as providing help and giving you a point of contact should any problems arise.
- Payroll set up free of charge.
- Full compliance with all NICs, tax, SSP, SMP, SAP and Student Loan regulations.
- Payment through the BACS system.
- Issue of security payslips.
- Reporting to address NI and Taxation issues.
- Mid-period calculations for leavers and new starts.
- The online submission to HMRC of all taxation documents.
- Help desk support to deal with alterations to salary and legislation advice.
- Full departmental analysis, personnel records and holiday, sickness and absence reports.
Does a business need a minimum number of employees for payroll services?
Businesses of all sizes can benefit from payroll services, whether they are small companies with just a handful of staff or large organisations managing thousands of staff across a number of locations. In fact, small businesses may find it a huge boost to outsource their payroll activities as it will free up their staff to focus on other areas of the business. There is usually no minimum number of employees, but there may be a minimum service charge from providers.
How much will payroll services cost me?
Payroll service rates depend on a number of factors including the size of your business, the number of employees and other factors such as how often they’re paid. Payroll service outsourcing is much lower than you think it would- with some companies offering services from just £18 a month depending on the level required.
Are payroll services reliable?
Thousands of companies outsource their payroll, giving external companies complete control over these services in order for them to manage payroll effectively. Making sure payments are made on time, using the correct tax codes and using secure systems in order to protect personal details and payments, payroll services have great track records. If your own systems fail, you can feel reassured that your payroll will continue as normal.