According to UK government figures, small and medium sized businesses in the UK, that is those with 250 or fewer employees, numbered 5,583,245 in 2021 (https://startups.co.uk/analysis/small-business-statistics/). Of those, some 810,000 were new businesses, which is the highest number of launches on record, probably because of the pandemic, as many people who had lost their jobs felt that the answer would be to start out on their own.
Of course, not all of those businesses have employees, but many of them will expand and take on employees as they do so, just so long as they are not among the roughly 20% of start-ups that fail in the first year. A large proportion of those new businesses were started by a single individual, and unless he or she is a trained accountant the last thing on his or her mind when launching would be taking on employees. However, there comes a day when an individual cannot do everything required in a growing business, and so there is only one thing to do.
A Whole Lot Of Red Tape
Suddenly, that business owner is faced with a whole lot of red tape because there is the question of payroll, which had never crossed their mind. They may be able to deal with payroll for a single employee, but as the business grows, so does the number of employees, and along with it the payroll becomes more and more complex.
This is why many new businesses come to us at PayCheck for our payroll services in London. Doing payroll in-house can be very time-consuming, even if you only have a handful of employees, and so our payroll solutions in the UK can save a business owner a lot of time. It frees you up to do the important stuff, which is growing your business.
Let’s face it: why get bogged down in paperwork and red tape if you don’t have to? Our payroll solutions in the UK will save you a lot of time and headaches.
Most importantly, because we understand all the legislation and have streamlined systems, when you use our payroll services in London your tax returns will be accurate, so you can have peace of mind that you won’t start being fined by HMRC.