Payroll is a legal requirement and something that a business with employees, no matter how large or small, needs to be aware of. The payroll is the record of salaries and wages paid to employees and various taxes paid to the Inland Revenue.
For many businesses, payroll legislation has become particularly problematic. This is because payroll now includes much more than the deduction and paying of tax and National Insurance. Recent changes to legislation have included payment of:
- Tax Credits (working families and disabled persons)
- Deduction of student loans
As companies fail to keep up with the changes, there has been a rise in penalties for non-compliance with current legislation. Many businesses simply do not have the in-house resources to ensure continuing compliance.
More and more companies are choosing to outsource many of their internal functions, including payroll, and are realising that this makes commercial sense, allowing resources to be directed at more productive and profitable tasks.
Passing on the task of payroll administration means passing on the responsibility of dealing with the Inland Revenue and staff queries, and also the handling of all the procedures relating to:
- National Insurance Contributions
- Statutory Sick Pay
- Statutory Maternity Pay
- Working Families Tax Credits
- Student loans
Riches & Company offers an efficient, accurate service at a competitive price.