Methods of Doing your Payroll
Here you will find information about the different options available for you to do your payroll, which include
1) Outsourcing to a payroll company
2) Doing it yourself at home
3) Online payroll
1) Outsourcing to a payroll company
There are many providers than can offer you an outsourced payroll service.
Some things that you need to consider before outsourcing your payroll to a company:
- Whether they charge any additional fees – a good payroll company should be all inclusive meaning that you should not incur any additional fees for copies of payslips and other extras
- Whether they are experienced with the nature of your employment using direct payments, such as variable hours and the need for advice about your PA – a good payroll company should provide you with employment advice
- Whether they can provide you with weekly or monthly payslips and provide quarterly and annual returns
- Whether they charge a set up cost
- How much they charge for administering the system
- How flexible their service is, for example if you take on another employee
- Whether the software they use is HM Revenue & Customs (HMRC) accredited
The Benefits of outsourcing
- Accurate and timely payslips
- Reduced paperwork
- No administration costs
- Expert advice on employment issues – such as holiday pay, sick pay, absenteeism etc
- Legal Advice
- Electronic filing of year end returns qualifying you for an incentive with the Inland Revenue (currently at £150 for tax year April 06-07)
2) Doing it yourself at home
3) Using online payroll systems
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