What action could you take now to make your life easier from 5 April, and even save yourself some time and stress? Prepare to outsource your payroll.
As this current tax year draws to a close, it’s a good time to consider how you could make the next one easier. Outsourcing your payroll from 5 April is one change you could make to the way you run your business – a change that could save you time, reduce your stress, and it could be cheaper than you think.
“Many clients find running their payroll an increasing challenge,” says Moore Stephens South partner Robert Newman. “The regular processing, filling in P11Ds and year-end forms can be time-consuming, even if completed online.”
There are also the constant regulatory changes. “In 2013 businesses had to cope with the introduction of Real Time Information (RTI), and looking ahead, pensions auto-enrolment is on its way,” comments Robert. “SMEs that outsource their payroll don’t have to worry about getting to grips with such new requirements. They don’t have to pay for training courses or wade through regulatory guidance. They leave that to their professional, specialist outsourced payroll provider.”
Using an outsourced provider has other benefits too. “You don’t have to worry about your own payroll person going off on holiday or falling sick,” Robert says. “Payroll service providers like Moore Stephens have ample resources to ensure you receive continuous service, and outsourcing is flexible. Many businesses may be thinking about recruiting new staff as the recovery continues. Your provider will handle the payroll admin associated with new joiners, and can meet your needs regardless of whether your overall headcount rises or falls.”
Please get in touch with your usual Moore Stephens adviser to find out more about the benefits of payroll outsourcing.
Tax – Employment and Payroll