Completing the payroll for your company can be a very time consuming operation. It can be even more time consuming if your staff haven't trained in it. It is important to complete your payroll accurately as errors can demotivate your staff or result in fines from HMRC.
That's why many companies choose to outsource their payroll. There are many payroll bureaus with fully trained staff. Payroll companies in the UK may run as part of an accounting firm or they may focus entirely on providing payroll services.
What Services do Payroll Bureaus Offer?
Payroll companies offer a wide range of services to their clients, you can pick and choose which is right for you.
Typical services include:
- Calculation of pay
- Production of electronic or sealed payslips
- Payment to your employees' bank accounts through BACS
- Full payroll management reports
- A nominal ledger journal for your accounts department
They will also calculate all deductions and variations to payroll including student loans, statutory sick pay, statutory maternity pay, statutory paternity pay and pensions. Many also offer a full liaison service with HMRC. Your infomation will be sent electronically each month and answer any queries raised. As well as producing year end returns such as P60s and P35s for your company.
RTI & Payroll
RTI means that you must report to HMRC every time you pay an employee at the time you pay them. When you are looking for a payroll bureau, choose one that provides RTI so you are fully compliant.
How Much Will a Payroll Bureau Charge?
The amount charged by any payroll company will depend on the number of employees you have. Other factors include; whether you pay weekly, fortnightly or monthly and what level of support you require.
For most businesses, outsourcing the payroll function remains cost effective. Prices start from around £20 a month for businesses with fewer than five employees who are paid monthly. If you need the bureau to complete extra work, like liaising with your auditors, there may be add-on charges.
Payroll – UK & London Companies
There are a large number of payroll companies in London. Many specialise in certain sectors and others have a wide range of clients. Because payroll is electronic, your bureau can be based anywhere even if your business is in London.
Payroll bureaus who support companies in London include:
- PBS UK
- London Payroll
- The Payroll People
- The CPS group
- Planet Payroll and
- Regents Payroll Service
Roskear Services London
This company have traded for over 25 years. They have experience of running payroll for restaurants, hotels, IT firms, security firms, car home operators, solicitors, estate agents, dentists and playgroups.
They provide a full payroll service including P45 and P46 filing and maintaining a full year to date payroll file for audits.
They can also carry out payments by BACS, report on pension contributions and post payslips to your employees. Depending on the number of employees, prices start from around £23 a month.
Pay Check are a specialist payroll bureau that is still run by its founders who started the business 25 years ago. They have experience of a wide range of businesses with over a thousand clients on their books.
The company is part of HMRC's pilot Real Time Information (RTI) scheme. They offer a full payroll service including e-reporting to HMRC at year-end and BACS payments. Prices are dependent on the level of service you require but start from around £20 - £25 a month.
1st Contact are a central London based payroll company. They can prepare payroll returns on a monthly, fortnightly or weekly basis. They have a specialist SME department to help small businesses complete their payroll returns as efficiently as possible. They offer a simple online quote service for prospective customers.
Quick Paye, based in East London are specialists in business outsourcing. They offer a number of accounting services to small businesses including payroll. They liaise with HMRC on your behalf, produce reports on request, provide monthly and yearly summaries and make BACS payments. They are happy to receive your payroll information by post, email or even fax.
Numerion, based in central London are a firm of chartered accountants who offer a payroll service. They understand how important a well-run payroll operation is and pride themselves identifying any issues with payroll in advance so everything is dealt with in a timely fashion. They offer free no obligation quotes to any prospective clients.
This isn't an exhaustive list, however. Expert Market UK will find you the best payroll service options for your business. Just fill out this form to get a number of quotes.