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Constructing a successful payroll service

September 7, 2021

Payroll has always been a vital element of the workplace, but sometimes employers are guilty of not recognising its importance.

After 18 months of uncertainty due to coronavirus and its ongoing impacts, payroll has never been more vital to the workings of the economy and the work world. 

Business leaders have had to reconsider how crucial timely pay is amid the financial insecurity of their employees.

Not only this, recent research suggests that nearly half of British businesses now believe their organisation will look fundamentally different after the crisis.

This week is National Payroll Week. Therefore, we think it is important to enlighten businesses on the significant aspects to consider when constructing a successful payroll service. 

Firstly, a growing number of UK businesses are introducing flexible payroll practices to enable staff to choose a payday that best suits their personal lives or drawdown advances on wages. 

Employers wanting to operate multiple payroll dates should find that their current payroll provider already allows this. 

However, switching to a newer payroll adviser can massively reduce the workload, with the amount of work, administration and data sent to HMRC taken off the company’s hands.

With the rise in businesses using temporary staff and freelancers, more companies are outsourcing their payroll functions. 

Small and medium-sized businesses that wish to avoid the expense of a full-time in-house payroll team may consider this a cost-effective and practical move. 

Preparation of the weekly or monthly payroll can be time-consuming. When your focus is on making sure your customers are happy, sorting out the weekly or monthly payroll can be another unnecessary distraction.

How Knights Lowe can help: Bury Business Support

Bury Business Support is our external bureau that helps businesses large and small deal with payroll and other auxiliary employment services.

Our expert staff can help with…

  • Process the payroll at whatever frequency you require – monthly, four weekly, fortnightly or weekly
  • Provide a cost-effective and very efficient service
  • Ensure salary confidentiality
  • Provide clear computerised payroll reports with secure electronic payslips
  • Administer deductions from your employees including pensions, student loans and attachment of earnings orders
  • Dealing with all pension auto-enrolment compliance
  • Deal with tax incentives due to your employees (including childcare vouchers and cycle to work schemes)
  • Pay your employees’ wages directly to them via our BACS commercial bureau license
  • Pay HM Revenue & Customs and other authorities via our BACS commercial bureau
  • Assist with technical queries on the payroll figures raised by your staff
  • Remove the burden of finding holiday and sickness cover if your payroll function is currently performed in-house.
  • Accept payroll clients at any point in the tax year
  • P11D completion and submission
  • Declaration of Employee Benefits through PAYE

We also work with various pension providers including Royal London, Nest, Aviva, Scottish Widows and The Teachers’ Pension to name but a few.

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