When you first start out in business, in many cases there is just you, or perhaps you and a partner, and your first job is to find customers for that business. For some time, your focus is going to be solely on finding customers and providing the goods or services that you offer.
Assuming that you get your business off the ground successfully, you will come to a point where you need some help, and this is usually in the form of your first employee. As soon as you take on an employee you also take on certain legal responsibilities. Your employee needs to have his or her wages paid, and you also need to deduct tax and make returns to HMRC. That means that you have to learn and understand the legal requirements, and make certain that you comply with them.
When you only have one employee, this may not be too difficult, but as your business expands you will need to take on more employees and suddenly your payroll becomes a chore. At this point, you may want to consider taking on payroll outsourcing services in the UK.
This is not the only form of outsourcing which might apply to your business. Often, there may be jobs you would be better off outsourcing than trying to do yourself. By outsourcing, you could not only save time, but save money as well, and you may even get a better job done than following the DIY route. For example, if you need a certain piece of machinery to carry out some work, you could well find that it is beyond the resources of your staff to build it. If it is something that you are not going to use very often, it may be better to outsource the jobs that are required to another company that specialise in that kind of work. This way, you will get the right products for less money and faster than trying to do it yourself.
There are many areas where outsourcing might be better than trying to do everything in-house, and payroll is one of them. As you take on more employees your payroll gets bigger and bigger, and at the same time becomes more complex because not all of your staff get paid the same rates, and not all of them will have the same tax liabilities.
You also have to operate an auto-enrolment pension scheme for your employees and that can become complex too, because there will be some who want to be in the scheme and others who want to opt out. Some may be non-eligible but want to opt in, those who opt out have to be re-enrolled further down the line and this time they may want to stay in or opt out again.
Not only do you have to deal with all this, but you also have to make certain that all of your returns to HMRC are correct, because if they are not, you can face some hefty fines. That is even though you had no deliberate intent, but simply made a mistake because you didn’t understand something.
This is where we can help you at Pay Check because our payroll outsourcing services in the UK will take the whole thing off your hands so that you can get on with running your business rather than being a clerk working for HMRC for two days a week, or however long it takes. This way, everything gets done on time, you save money, and you can get on with growing your business.