Managed Payroll Services

If you’re a business owner, thinking about payroll can be another thing on your never-ending to-do list that you really could do without.

Yes it’s time-consuming, yes it’s dull but it’s also how you and your staff get paid… so you could say it’s important!

With our managed payroll service we take that task off your to-do list once and for all. We’ll manage all aspects of your payroll, from dealing with HMRC in a compliant manner to automatic pensions enrolment, real-time information and whatever else the taxman decides to change at a moments notice…

What is payroll?

By modern definitions payroll is the process of paying your employees.

It consists of calculating the employee’s earnings, then calculating how much tax and national insurance is due to HMRC along with any other deductions for pension contributions, student loans or any charitable donations set up through payroll giving.

It’s usually done once a month, and even if you’re a small limited company owner with no employees you’ll likely use payroll to pay yourself a small directors salary.

Can I do Payroll myself?

Yes, it can be done yourself, many large businesses have dedicated departments focused exclusively on running payroll effectively and efficiently.

However, if you’re a startup or small business it’s well worth considering using a company to do this for you to ensure it’s done on time, correctly and most importantly it gives you one less thing to think about.

If you decided to tackle it yourself HMRC states that you should:

  1. Register as an employer with HM Revenue and Customs (HMRC) and get a login for PAYE Online.
  2. Choose payroll software to record employee’s details, calculate pay and deductions, and report to HMRC.
  3. Collect and keep records.
  4. Tell HMRC about your employees.
  5. Record pay, make deductions and report to HMRC on or before the first payday.
  6. Pay HMRC the tax and National Insurance you owe

Source https://www.gov.uk/paye-for-employers/setting-up-payroll

What is a managed payroll service?

RJF offers a managed payroll service allowing you to pass the responsibility and burden of monthly payroll to us.

Here’s what we do for you as a client:

  • Setup your PAYE scheme if not already setup
  • Prepare your monthly payroll
  • Prepare and provide payslips via email for all employees
  • Assist you with the preparation of any P11D forms
  • Deal with P45’s, P35, P14 and P60’s
  • Deal with any other “P’s” HMRC decide to use!

Essentially anything that’s needed to run payroll correctly including any unusual cases or special situations. We’ll ensure everything is done as it should be.

How it works as a small company

If you are a small company with one or two directors this is the type of scenario you can expect when using our managed payroll service:

  1. You inform us of who is on the payroll, what frequency they are paid and how much (for a director this is often guided by best tax practices using a mixture of salary and dividends).
  2. Each month we will prepare the payroll, and send to HMRC digitally.
  3. You will get an email with the payslips and details on any national insurance contributions to be made.
  4. You can then pay the salary from your company account to the employees personal accounts.

If you take on new staff, wish to amend the salary or want to make any changes we’re always on hand to help answer your queries and make changes quickly.

Benefits of using a payroll service

Still not convinced a managed payroll service is right for you?

Here are some extra benefits of letting us deal with everything for you (check out our pricing page to see our packages)

Peace of mind – This is the main reason our clients choose us. Simply being able to not worry about the additional task of running payroll each month. Not having to find the time to make sure everything is done right and compliant with HMRC legislation.

Real-time compliance – This is an initiative by HMRC which mandates companies to submit payroll information each time you process PAYE. We handle this for you.

Custom solutions – We’ll tailor the payroll to suit your specific needs and requirements. After analysing the most tax-efficient method of taking money from your company as a director and understanding your salary agreements with any employees we’ll make sure it’s all done on time each month.

Complex and unusual situations dealt with – Maternity pay, sick pay, student loans, furlough, all done seamlessly.

End of year forms completed – Any end of year documents or admin that’s required by HMRC will be done and submitted where needed.

Take advantage of our managed payroll service today. Give us a call or use the contact form to get in touch. Rob our partner here at RJF will happily discuss your needs and requirements, offering guidance and suggestions based on decades of business and accounting experience.