Are you up to date with all things Payroll?
All employers are required by law to keep records of pay, tax and National Insurance contributions, no matter how large or small the company is. Failure to keep accurate records could result in penalty charges. Workplace pension law has changed and now all businesses should be helping their workers save for retirement. In April 2018, the minimum pension contributions will be increasing across the board in order to ensure that workers are saving more money in time for their retirement.
Who would use Payroll software?
In a small business environment the task of paying employees is often undertaken by the business owner or is allocated to somebody else within the business such as an Office Manager or Administrator who may have limited or no experience of how to calculate tax and National Insurance Contributions. As a business grows the likelihood of a fully functioning payroll department or full-time payroll role increases.
What are the benefits to using Payroll software?
- Save time and reduce errors with automatic calculation of PAYE, NIC and statutory payments
- Keep up to date with legislative compliance
- It gives complete control over paying your employees and submitting information to HMRC
- It provides easily accessible and up to date information
- It gives the ability to analyse information and make informed decisions about staff costs.
So, if payroll software can deliver on all the above benefits, it seems very clear that there will be less worries, more reassurance that legislation is being adhered to, no need to double/triple check entries and more time as a consequence.
Sage 50 Payroll gives you the confidence that you’re paying the right person, the right amount of money at the right time – automatically working out payment and deductions, including tax, National Insurance, pensions and sick pay.
Maximity are holding a FREE Payroll seminar on Friday 26th January 2018 in Tamworth, Staffordshire to keep you up to date with all of the changes occurring that affect payroll and answer any questions that you might have. To book your free place please click here.