Completing the payroll for your company can be a very time consuming operation - especially if people in the business have not be trained in this area. In addition to which it is important to get this job completed accurately as errors can demotivate your staff or result in fines from HMRC.
That's why many companies choose to outsource their payroll administration to payroll bureaus who will complete the work for them using teams of specialised payroll staff. Payroll companies in the UK may be run as part of an accounting firm or they may focus entirely on providing payroll services.
What Services do Payroll Bureaus Offer?
Payroll companies will offer a wide range of services to their customers from which you can choose the options you require.
Typical services include:
- Calculation of pay
- Production of electronic or sealed pay slips
- Payment to your employees' bank accounts through BACS
- Full payroll management reports and
- 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 where they will send your information electronically each month and answer any queries raised. They will also produce 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 and this must be done at the time you pay them. When you are looking for a payroll bureau for your company, be sure to choose one that advertises itself as ready for RTI so your business is fully compliant with this new legislation.
How Much Will a Payroll Bureau Charge?
The amount charged by any payroll company will depend on the number of employees you have, whether you pay them weekly, fortnightly or monthly and what level of support you require from the bureau.
For most businesses, outsourcing the payroll function remains cost effective as prices can start from as little as twenty pounds a month for businesses with fewer than five employees who are paid on a monthly basis. If you need the bureau to complete extra work, such as liaising with your company's auditors, there may be a an additional charge.
Payroll – UK & London Companies
There are a large number of payroll companies in London, some who specialise in certain sectors and others who have a wide range of clients. Of course, because payroll is carried out electronically, your bureau can be based anywhere in the country even if your business is in the capital.
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 been trading for almost twenty five years and have experience of running payroll for restaurants, hotels, IT firms, security firms, car home operators, solicitors, estate agents, dentists and play groups.
They provide a full payroll service including P45 and P46 filing and maintaining a full year to date payroll file for audit purposes.
The can also carry out payments by BACS (a scheme for electronic processing of financial transactions), report on pension contributions and post payslips to your employees. Depending on the number of employees you have, 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 twenty five 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 which means they will be carrying out RTI returns from April 2013.
They offer a full payroll service including electronic reporting to HMRC at year end and BACS salary payments. Prices are dependent on the level of service you require from the company but start from around £20 - £25 a month.
1st Contact are a central London based payroll company who can prepare payroll returns on a monthly, fortnightly or weekly basis depending on what your company requires. They have a specialist SME department to help small businesses complete their payroll returns as efficiently as possible. They offer a simple online quotation service through their website for prospective customers.
Quick Paye are based in East London and are specialists in business outsourcing. They offer a number of accounting services to small businesses including payroll. They will liaise with HMRC on your behalf, produce reports that you specify on request, provide monthly and year to date summaries and carry out BACS payments. They are happy to receive your payroll information by post, email or even fax.
Numerion are a firm of chartered accountants who offer a payroll service based in central London. They understand how important a well-run payroll operation is for any business and pride themselves on being able to identify any issues with payroll well in advance so everything is dealt with in a timely fashion, ensuring they maintain the highest standards. They offer free no obligation quotes to any prospective clients.
However, this is by no means an exhaustive list and searching for a local bureau and getting a number of quotes may help you find the most competitive service. Speak to a member of our team at Expert Market UK about payroll service options for your business. Simply fill out the form at the top of this page.