As the end of this tax year approaches 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 risk and your stress, and could be cheaper than you think.
What we hear:
- “We cannot keep up to date with current payroll legislation”;
- “I want to use my staff to add value to my business but they are tied up with the payroll for days each month”;
- “I am reliant on one payroll person – if they are not around we are really exposed";
- “I want to save costs”;
- “I want a payroll team with real depth of experience”.
“Many clients find running their payroll an increasing challenge,” says Moore Stephens partner David Wright. “The regular processing, more complex payroll legislation, as well as completing P11Ds and year-end forms can be time-consuming, even if completed online.”
The rate of regulatory change seems to be increasing. The introduction of pensions auto-enrolment has been a challenge for many businesses and continues to be so for businesses that have yet to reach their staging date,” comments David. In addition there are proposed changes to holiday pay and travel to work which businesses may have to deal with. “Businesses 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 on holiday or falling sick,” David says. Succession planning is also taken care of. “At Moore Stephens we have ample resources to ensure you receive continuous service and outsourcing is flexible – we work in partnership with you and meet your needs regardless of whether your overall headcount rises or falls.”
Please get in touch with David
or your usual Moore Stephens adviser to find out more about the benefits of payroll outsourcing.