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