Between our directors, we share over 50 years experience in the finance sector. There are many financial services out there – our invoice finance service being its own niche with a range of funding solutions & cashflow management options – yet there is one element of finance which affects all businesses and can be quite complicated without the right advice & guidance.
Carrying out your payroll correctly is essential for businesses of all sizes; the more your business grows, the more difficult it is to keep track of. Hiring an admin for your HR & Payroll is a solution a lot of larger businesses choose, but for SMEs, outsourcing your payroll can be a lot easier, reliable and cost-effective.
Below are points of reference for businesses that are unsure of either basic or abstruse matters, and how you can find help:
Many accountants will offer a dedicated transfer team that will liaise with your current provider to ensure accurate handover. Providers should include a comprehensive document to help guide you through the implementation process. They can also handle employee queries and complete the procedure quickly, just make sure they stick to their initial quote!
Pay As You Earn is necessary for accessing your employees’ tax codes and sending payroll reports to HMRC. By completing a 64-8 form, your payroll provider becomes your PAYE agent. This gives them permission to deal directly with HMRC, meaning they can submit end of year reports, access vital data, apply updates immediately and upload P45 & P46 documents instantly.
Since the Pensions Act 2008, every business has to enrol employees into a qualified pension scheme. Auto-Enrolment can usually be added to your Payroll Service’s package so that you don’t have to worry about administrative tasks.
P11D is a tax form that must be completed annually to account for benefits in kind, meaning benefits & expenses such as train season tickets or private healthcare. Failure to report and pay correctly can result in punitive penalties by HMRC – it’s paramount that all relevant directors & employees are accounted for.
Bacs Payment Schemes Ltd, known previously as Bankers’ Automated Clearing Services, are responsible for clearing and settling automated payments through Direct Debit. When choosing a payroll provider, make sure that they are an accredited BACS Bureau.
Keep in mind when choosing a provider – you want a service which is fast, flexible, secure and accurate.
If you’re a business owner or director seeking help & advice with your finances click here, or if you’d like to get in touch with our team directly.
give us a call on 0121 236 7575
or email us on info@peakcashflow.co.uk
Pete is based at our Birmingham office in the Jewellery Quarter. Pete spent 10 years working in the mid-market banking sector in both London and the West Midlands. In 1999, he left the banking environment to work in the invoice finance sector, progressing to Director of a medium-sized listed provider. Pete’s responsibilities include: New business acquisition • Underwriting and client management across a wide portfolio • Client care and maintaining the highest service levels within the industry.
Peter Stanton
