Even if you only have a handful of employees, it’s still crucial to get your payroll right. Payroll challenges are not unique to large corporations — every business must ensure compliance or risk landing in hot water, meaning companies of every size can benefit from outsourcing their payroll.
After all, ‘payroll’ is about so much more than paying your employees’ salaries. From statutory filing and ensuring benefits are appropriately administered to accountancy outsourcing and HR functions such as keeping track of attendance, overtime and paid time off — there’s plenty to keep track of.
As with anywhere else in the world, running payroll in the UK requires compliance with various laws. There’s a long list of regulations to get your head around: pensions, statutory and optional benefits, income tax, National Insurance contributions, paid leave, statutory sick pay. Not to mention the GDPR and the complex IR35 legislation.
UK payroll rules are constantly changing, which can make the regulatory landscape difficult to navigate. Here’s everything you need to know about running PAYE payroll in the UK and the pros and cons of taking your payroll in-house or outsourcing the service to a payroll provider…