How do I manage my company’s payroll?
The good news, however, is that managing a company payroll is actually quite a straight forward process. As long as you have the appropriate planning, controls and systems in place to help you.
By operating a ‘pay as you earn’ (PAYE) payroll scheme, you need to complete certain tax filings each month in line with HMRCs regulations. As part of this, you need to:
- calculate your employee’s pay
- work out any deductions such as tax, student loan or national insurance
- produce payslips for your employees.
It’s easy to register as an employer with HMRC and can usually be done online at www.gov.uk.
To assist with this, you can invest in payroll software that integrates with your accounts such as Sage Payroll or Xero Payroll, which are generally pretty user-friendly and easy to use. Alternatively, if you want to take the hassle out of payroll and have the peace of mind of never missing a deadline, you can outsource it to our dedicated team of professionals.
Read more about our Outsourced Business Services and how we can help you manage your Payroll. As always, please feel free to get in touch with me, I’d love to learn more about your business and how we can help.
You may also find the information in these articles useful for the stage of your business
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What are the National Minimum Wage and National Living Wage changes in 2022?
How do I manage my cashflow?
How do I set up an online cloud accounting system?
What are the benefits of outsourcing my accounts?
Why do UK startups fail?
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