FTPay: Stay Compliant with our Payroll Services

FTPay: Stay Compliant with our Payroll Services

Ensuring compliance with payroll regulations is not just a legal obligation; it’s the cornerstone of a well-functioning business. From tax obligations to employee benefits, the complexities of payroll management can often become overwhelming. However, with the right knowledge and resources, businesses can navigate these challenges effectively, whilst staying compliant.  

At Fiander Tovell, we offer outsourced payroll services that are designed to shoulder this burden for businesses up and down the country. We help to streamline their payroll processes, ensuring that they meet regulatory demands and, most importantly, paying their employees on time!  

Although we take the complexities of payroll compliance away from you, if you choose to outsource to us, there are still a few things you must do to ensure seamless operations on both sides.  

“What do I need to do?”, you might be wondering – we’ve compiled our top tips, so that, together, we can keep your business compliant!  

Accuracy – not approximation 

To process payroll accurately, we heavily rely upon up-to-date employee information. This may seem obvious but it’s very important. As a business, it is your responsibility to maintain all records for the entire duration of each employee’s tenure. This means accurately updating any personal information, which can change regularly – this information is likely to affect your payroll. 

We need to be kept up-to-date throughout the year to ensure all your employees receive the correct wages. This can range from bonuses, salary increases, maternity leave, etc. No matter what the change, you must keep an accurate record. This not only helps us to manage your payroll, but should you be subject to an investigation, you have all the records to prove your compliance.  

Managing Employee Expectations  

As an employer, it’s crucial to ensure that your employees understand what is required from them regarding payroll. This can be a variety of things, but the most common areas are company expenses and overtime. This may involve implementing a process for employees to record expenses and overtime properly. Whether you implement an automated system or explain how to document it, it is essential employees understand the policies and practices that affect their pay.  

Implementing these clear guidelines can deter employees from providing inaccurate information which will reduce errors in additional payments. 

Stay informed 

Legislation is an ever-changing scope, and you need to stay aware of any updates. Following on from the Spring Budget, there were a few changes that will affect payroll. Some of the headlines included a 2p cut to National Insurance and an increase to National Minimum Wage 

These changes will obviously impact your employees’ gross pay, hence why it’s essential you stay on top of any updates from HMRC. If not, you will be at risk of being penalised. We understand that staying up to date with any updates can feel like a juggling act. That’s why our team at FTPay are a great solution for businesses that don’t have a dedicated payroll team. With our expertise, we ensure all updates are implemented, allowing you to focus on core business operations with peace of mind.  

Making FTPay work for your business 

To fully benefit from our services, we conduct a thorough assessment of your payroll processes and requirements. We tailor our services to meet your specific needs, providing customised solutions that align with your business objectives. We have specific deadlines throughout the month for our clients to submit their monthly payroll data, so that we can process payroll with accuracy and compliance. You can find our payroll calendar here, with a full breakdown of dates throughout the tax year.  

Our goal is to simplify payroll compliance for your business, allowing you to focus on core operations, while we handle the complexities of payroll. With FTPay, you can rest easy knowing your payroll is in safe hands. 

If you require any further advice, or would like to enquire about our services, please do not hesitate to get in contact with our Commercial Client Director, Fabrice Legris at fabrice.legris@fiandertovell.co.uk  

Sustaining your startup: how to navigate the early days of your business

Sustaining your startup: how to navigate the early days of your business

At Fiander Tovell we pride ourselves on supporting businesses throughout their entire lifecycle; from startup to success. We work alongside our clients to foster growth across diverse industries, sharing our insights to successfully navigating the initial phases of their business.  This comprehensive guide offers some of our key advice for launching a startup, achieving success, and maintaining long-term momentum. 

1. Clear Headspace 

While it might sound cliché, maintaining mental clarity is crucial for the inception of any business. Acknowledging that initial stages may not always reveal immediate benefits, it’s essential to recognize this as a gradual process. While aspiring for swift results, patience becomes key. Setting clear goals and cultivating consistent habits during these early phases can serve as a foundation to sustain motivation through the inevitable challenges. 

2. Creating Your Business Plan  

Regardless of whether you’ve already developed the product or service you’re offering, it’s crucial to have a clear understanding of your idea. Crafting a business plan helps to ensure clarity in your concept. This can involve identifying a problem in the market and focusing on how your idea will solve that particular issue 

The greater level of detail incorporated into your plan, the clearer it becomes for both you and others to comprehend the idea and initiate the execution process. 

Hand-in-hand with planning, comes research – think of it like doing your own detective work to gather information about your market. This helps to determine what sets you apart from your rivals, as well as ideas on how to differentiate yourself in an already saturated market.  

3. Registering your Business 

There are a number of legal issues that you will encounter when starting a business. Below, we have curated a checklist to ensure you have the right steps for establishing your business: 

  • Choose your business’ name 
  • Register the business with HMRC 
  • Apply for the permits and licences necessary 
  • Open a dedicated business bank account 

 By following these steps, you can ensure you are abiding by the legal obligations of registering a business. 

4. Building a Team 

Building a skilled team committed exclusively to your business will significantly simplify your day-to-day. Surrounding yourself with individuals who align with your overarching vision will lead to significant benefits and exponential business growth.  Depending on the nature of your business, there will be different hiring platforms that will work best, these include: 

  • Professional networking sites (LinkedIn, etc…) 
  • General job search engines (Indeed, etc…) 
  • Job boards 
  • Freelance platforms  
  • Social media (e.g., Facebook) 

 5. Marketing Strategies  

Implementing a strong marketing strategy is essential for attracting customers and generating brand interest. The initial step in your marketing strategy should be the development of a website, if you haven’t already done so. Not everyone has an innate passion for creativity and design – if you find the thought of building a website slightly intimidating, why not outsource web development services! 

Once completed, you can focus on other marketing strategies to elevate your business. We recommend identifying marketing channels that effectively reach your target audience. These could be: 

  • Digital marketing channels (social media, email, content marketing etc…) 
  • Traditional advertising (television, radio, print etc…) 
  • Event marketing  
  • Referrals  
  • Paid partnerships/Collaborations 

 Your marketing strategy could also be outsourced to an agency that has proven track records for results!

6. Seek Growth Opportunities  

 Scaling up your business involves growing your customer base and revenue. Success lies within consistent growth and adaptability. There are several ways to achieve this: 

  • Enhancing marketing initiatives 
  • Refining your product or service 
  • Partnering with other creators 
  • Introducing complementary products or services to your existing offerings  

Hopefully our guide offers a roadmap for your exciting journey to business growth! Emphasising mental clarity, strategic planning, and thorough research, we’ve laid the groundwork for success.  Whether it’s securing funding, legal compliance, team building, or implementing effective marketing strategies, each step contributes to a robust foundation.  

As you navigate the dynamic landscape of entrepreneurship, remember to stay adaptable, seek growth opportunities, and continuously refine your approach. By maintaining commitment and strategic execution, your startup has the potential to thrive and achieve sustainable success. 

For any guidance and advice about your Business Start Up, please visit our website or contact one of our Commercial Directors, Chris Griffiths, Lisa Jefferies or Fabrice Legris who would be delighted to assist.