Payroll

Reasons Why You Should Outsource UK Payroll Services

Are you considering outsourcing your UK payroll services? Doing so can help simplify the process of tracking employee pay and personnel records. From cost savings to better accuracy, here are the top 10 reasons why it makes sense to outsource your payroll in the UK.

Administering your payroll can be time-consuming and burdensome, diverting energy and resources from the core activities of your business. And the task is made all the more difficult by the growing complexity of taxation and employment legislation and the accompanying regime of penalties for non-compliance.

We have dedicated staff who can relieve you of this burden by providing a comprehensive and confidential payroll service, including:

• Customised payslips
• Administration of PAYE, national insurance, statutory sick pay, statutory maternity pay, etc
• Completion of statutory forms, including year end returns, to issue to your employees and submit to HMRC
• Summaries and analyses of staff costs
• Administration of incentive schemes, bonuses, and ex-gratia and termination payments
• Administration of pension schemes

Even if you have only a few employees, you will make savings by engaging us to administer your payroll.

Cost savings and scalability.

Outsourcing your payroll services can help you save money and increase scalability. Since the provider is handling payroll on a contract basis, employers don’t have to cover up-front inventory or technology costs associated with running a payroll system in-house. Plus, outsourcing payroll provides more flexibility when it comes to scaling up or down as needed. This makes it easier for businesses of any size to manage their personnel records and finances effectively.

Improved accuracy and security.

One of the biggest benefits of outsourcing UK payroll services is improved accuracy. In-house payroll systems often come with risks as various factors, such as data input error, may lead to mistakes in employee records and payroll calculations. An experienced 3rd-party provider can eliminate these risks by ensuring that accurate information is used for pay calculations and personnel records. Furthermore, outsourcing helps to ensure the security of those records since they’ll be securely stored offsite by the provider.

Timely compliance with pay rules and regulations.

Outsourcing payroll also gives businesses the benefit of always being compliant with pay rules and regulations. The 3rd-party provider is responsible for ensuring that your business is current on all applicable taxes, contributions, and deductions set by local laws and regulations. This means you can save time in researching such details yourself and avoid costly payroll fines that may result from non-compliance.

Increased efficiency and reliability.

Outsourcing your UK payroll services ensures that you will be able to more efficiently manage your personnel records and accurately enter data into payroll processing. Professional payroll providers will ensure that all the records are securely maintained, backed up daily and stored safely in case of any audit. This reduces the burden on your team since they won’t need to perform these tasks internally anymore.

Access to expert advice and guidance on taxation issues, employee classification, etc.

Outsourcing payroll services can help you to access expert advice on taxation issues, employee classification, compliance with regional and national laws, company policies and procedures and make sure that all aspects of your payroll process are handled properly. Professional payroll providers have extensive knowledge of UK tax regulations and have worked with many companies throughout the country to ensure accurate compliance.