Outsourcing your payroll and bookkeeping
Many new business owners attempt to manage these services themselves in order to save money. While this might work at the outset, as you get busier and your business grows this ultimately means burning the midnight oil and sometimes even taking your eye off the profit making elements of your business.
For this reason, more and more business owners are making the decision to outsource their payroll and/or bookkeeping to an expert who will take on the task for them, allowing them to get on with running their business. We can take on as much or as little of your payroll and/or bookkeeping as you would like us to.
Bookkeeping is the backbone of your business
The Companies Act clearly states that you are obliged to maintain your books in order and keep them up to date. If you do not, you could face penalties from HMRC.
At UHY Hacker Young we provide the following bookkeeping services:
- logging and reconciling your bank, cash and credit card transactions;
- managing and posting your invoices;
- preparation of your monthly and quarterly VAT returns;
- preparing the monthly or quarterly management accounts; and
- the development of lists of aged debtors and creditors.
Removing the payroll burden
For many business owners payroll has become a real burden, particularly since the introduction of Real Time Information (RTI) in early 2013.
RTI requires employers to inform HMRC of payments to employees on or before the date they are made. This change has caused significant numbers of business owners to make the decision to outsource their payroll and relieve themselves of their responsibilities.
We will take your payroll information and run your payroll for you accurately and on time, every time. Payroll services we can provide include:
- payroll calculations, BACS payments and payslip creation;
- pension contributions and returns;
- managing starters and leavers;
- controlling Statutory Sick and Maternity Pay; and
- filing of your returns with HMRC.
P11D forms are used to report taxable benefits in kind paid to employees and directors. There are also a few reporting requirements on the forms for items that yield no net benefits in kind. P11D forms are prepared to each year ended 5 April, with a submission deadline of 6 July. Late submissions of P11Ds may result in penalties.
The rules can be complex, but our downloadable checklist gives an indication of the areas that need to be considered. We offer P11D services that cover all required preparation, as well as advice and assistance with identifying benefits to be included and any queries raised by HMRC.
The next step
If you would like to discuss the services we can provide for your business in more detail, please get in touch.