Posted on 3rd September 2019
National Payroll Week runs from 2 to 6 September and is designed to raise awareness of the benefits of an efficient, well-run payroll system.
Did you know that, through the collection of income tax and National Insurance, the payroll industry will contribute around £301 billion to the UK economy in 2019/20?
For most UK businesses, payroll is the largest expenditure, so it’s essential that your system is working at optimum efficiency. There are also lots of benefits on offer for organisations and their employees. For example, payroll can save employees money through arrangements such as salary sacrifice, all of which are good for attracting and retaining great staff.
If you’re an employer, it’s essential to make sure that all your employees are being paid the correct amount, on time and are tax-compliant, every time. JNR Accounting offers a comprehensive payroll service that takes care of everything for you, including Real Time Information (RTI) submissions to HMRC.
Introduced in 2013, RTI doesn’t change the way that you calculate PAYE. It simply means that rather than submitting PAYE information to HMRC just once at payroll year end, you need to send this information each and every time you pay your employees. The information must be submitted to HMRC on or before the day of the payments.
In order to hand over this information, you need to complete a Full Payment Submission (FPS). Even if you don’t need to make any payroll payments in a given tax month, you must notify HMRC that this is the case. You’ll need to send an Employer Payment Summary (EPS) by the 19th of the following tax month in order to avoid penalties over your failure to submit an FPS.
Running a good payroll system is time-consuming for SMEs, that’s why JNR Accounting offer an excellent service to take all this work off your hands. This leaves you free to concentrate on running your business, safe in the knowledge that your valued team have the payroll experience they deserve.
Contact us today to find out more.