payroll services - magma...payroll services. payroll is often seen as a small cog within the wheels...
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PAYROLL SERVICES
Introduction to Magma’sPayroll ServicesPayroll is often seen as a small cog within the wheels of business, but it is complex, fraught with challenges, and must be operated correctly.
Processing the payroll can be a time-consuming task, with businesses utilising a significant number of staff hours to carry out the function. The complexity of calculating pay based on hours worked and making sure that overtime is properly compensated is not as easy as it may seem. Adding in variables like healthcare benefits, paid holidays, and pension savings can require even small employers to spend many hours of valuable time on their payroll each week.
The introduction of Real Time Information (RTI) and the requirement to provide a qualifying pension scheme under automatic enrolment legislation has further increased the compliance burden on employers.
Challenges for Employers Keeping up to date in a constantly changing world The world of payroll is constantly changing, but in recent years these changes have been occurring at an ever increasing pace. In order to remain competitive and successful, you need to be adaptable and willing to embrace change. More often than not by welcoming change you can actually cut costs, save time and improve efficiency.
Dealing with RTI
RTI requires employers to submit PAYE records to HMRC on or before each time they pay employees, rather than annually at the year end.
Employers need to ensure RTI compliant payroll software is used, or use an RTI compliant outsourcing partner, such as Magma.
Automatic enrolment
Automatic enrolment is one of the main components of workplace pension reform, which has been introduced to counter the issue that people are living longer but saving less for retirement.
• Do you know your automatic enrolment staging date?
• Do you have a pension scheme in place already and ifyou do does it comply with the new regulations?
• Is your current payroll software automatic enrolmentcompliant?
• Do you know what communications need to be sent toyour employees and when?
• Do you know what data needs to be sent to your pensionprovider and when?
• Do you know the potential fines for non-compliance?
Costs
Running an effective payroll department can involve a number of different costs: purchasing compliant software, spending time learning how to use it, and employing people to run your payroll.
Could the cost of embracing these resources be better spent elsewhere within the business?
How can we help?Magma has a dedicated payroll team who offer a cost effective outsourced payroll service to businesses of all sizes. We use HM Revenue and Customs accredited software so you can be safe in the knowledge that your payroll is being operated correctly.
There are a variety of reasons why clients outsource their payroll to Magma, including:
• To free up time to concentrate on the business.
• Removes the need to recruit, train and update payroll staff.
• Removes the need to purchase and update in-housepayroll software.
• Access to extensive payroll expertise.
• Access to wider PAYE, NIC, benefits and other employmenttax expertise.
• Ensures matters are always up to date with the latestdevelopments and legislation, without having to train staffand update software.
• Ensures that sensitive employee (and director) remunerationis kept confidential.
• Ensures compliance with RTI and automatic enrolmentregulations.
• Prevents fines and penalties for non-compliance.
• Reduces risk of fraud within the business.
• The cost of payroll is wrapped up in one regular easy tounderstand invoice.
In summary, outsourcing not only provides confidence that you are getting your payroll processed correctly and on time, but it also means that you have access to a team of experts who will take over responsibility for managing all payroll, related tax, and automatic enrolment filings.
www.magma.co.uk
Our services Our dedicated payroll team provide a comprehensive service that is timely and accurate. All of our team are experienced payroll specialists who understand the commercial, technical and legislative matters relevant to the processing of payroll. We tailor our payroll service to the specific needs of the business, to include: • Processing of the payroll whether that be weekly,
fortnightly, monthly, or annually, to an agreed timetable.
• Secure payslips with a choice of either paper or electronic.
• Preparation of a suite of reports tailored to the specific requirements of the business.
• Calculation and summary of monthly payment details for HM Revenue and Customs.
• Validation of employees for compliance with automatic enrolment legislation.
• Setting up employer pension schemes for compliance with automatic enrolment legislation.
• RTI and automatic enrolment reporting and submissions.
• BACS payments to employees and /or third parties including HM Revenue & Customs.
• End of year compliance, including issue of P60s, and start of year legislation updates.
• Advice on all PAYE, NIC, payroll and related benefit matters.
How do we work? We discuss and agree which services you require and would like us to perform. Our services are very flexible and we are always happy to tailor and adjust these to the needs of the business.
Our fees are based on the anticipated level of work and time involved and we will provide a fixed fee quote on appointment wherever possible.
About UsMagma is a leading independent firm of Chartered Accountants, Chartered Tax Advisers and Financial Advisers, providing a wide range of professional advisory services to owner managed businesses, entrepreneurs and private clients. Magma offers a highly professional, cost effective reporting function and leading value-adding capability. Magma offers a breadth of technical expertise and specialist advisers across six integrated service areas:
Important NoteThis document has been written for information purposes, should not be relied upon and is not a substitute for professional advice which should be sought. This document does not constitute legal, taxation, financial or investment advice. Neither Magma Chartered Accountants, any member of the Magma Group or any of its employees accept any responsibility for loss or damage incurred as a result of acting or refraining from acting upon anything contained in or omitted from this document.
• Audit and Assurance• Business Services• Corporate Finance
• Tax• Private Client Services• Wealth Management
VA0516
Vicki Craig [email protected]
Lee Reynolds [email protected]
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Contact UsPlease contact us for further information on our payroll services.
Contact DetailsMagma Magma House, 16 Davy Court, Castle Mound Way,Rugby, Warwickshire, CV23 0UZ
t: 01788 539000 e: [email protected]
www.magma.co.uk