Service 08
Payroll, Pensions & P11Ds
Do you need help ensuring your employee payments are managed in a timely and effective manner?
What we do for you
Do you need help ensuring your employee payments are managed in a timely and effective manner? Look no further than Sandwell Accountancy Services – based in the Black Country and serving the West Midlands. The practice has 53 years of experience in the industry. Our family-run firm will take the headache out of your payroll with expert, affordable payroll services.
What's included
How it works
- 01 A first conversation, free of charge We talk through the type of payroll scheme you require, how you prepare the information, and whether you have a current payroll and pensions registration. You leave knowing what we would do and what it would cost.
- 02 Getting set up You authorise us to deal with HMRC on your behalf. We agree what we need from you and when, and we work from your information.
- 03 Every payroll period We prepare your payroll and any pensions from your records, and query anything that looks wrong while it is still easy to put right. You see the figures and approve them before anything is filed.
- 04 Filing and payment Once you have approved the payroll we file it digitally, tell you what is due and when, and remind you before the deadline rather than after it.
- 05 P11Ds This is completed at the end of the tax year, and we prepare this for you detailing any benefits in kind from your employment, and any tax implications.
- 06 The rest of the year HMRC queries, checks and changes to the rules come to us first. If something affects you, we tell you what it means in plain English.
More about this service
What is the meaning of payroll?
In simple terms, payroll is the list of employees who are employed at a company. Typically, salary is paid in 12 equal instalments throughout the year, with workers paid directly to their bank account. Payroll therefore identifies the employees and the total amount of wages each of them earns.
How is payroll managed?
In the UK, payroll is managed and occurs via HM Revenue and Customs (HMRC) and the Pay As You Earn (PAYE) system. With these bodies comes a whole host of legal requirements that businesses must stick to in order to be compliant and law-abiding. If they don’t, they could face huge fines and penalties, which makes managing payroll a hugely important part of any company.
Make sure you submit relevant payroll information
As an employer, you normally have to operate PAYE as part of your payroll. You need to register for PAYE if any of your employees are paid £961 or more a week, get expenses and benefits, have another job or get a pension. However, you must keep payroll records. It is essential for businesses to submit relevant payroll information to HMRC on the day before they pay their employees. To record this data businesses must make a Full Payment Submission (FPS). The payroll process can also include tracking hours worked by employees, and must calculate tax, National Insurance contributions, any other deductions. Businesses must issue employees with a payslip.
Penalties may occur if you fail to submit payroll
Failure to submit an FPS each pay day will incur a penalty, which is increased the more employees a business has. You can also receive a fine if you don’t submit an Employer Payment Summary (EPS) when you don’t pay any employees in a tax month.
Be mindful of payroll errors
You can also get penalties if HMRC discovers careless or deliberate errors in your FPS. These inaccuracies are common for businesses that manage their own payroll, due to distraction with other tasks or lack of experience in corporate finances. With the right payroll management, companies will be able to focus on the growth of their business and have peace of mind that their finances are sound.
Why a finance professional can help your business
Therefore, it is a shrewd business move to have a trusted financial professional in charge of your payroll. Ensuring your employee payments are managed in a timely and effective manner, Sandwell Accountancy Services has 53 years of experience in managing business payrolls.
Payroll for any pay frequency
Our team of experts is happy to offer payroll services for any pay frequency, including salaried and hourly-paid workers. Leave it all to us. We will calculate everything from PAYE to student loan deductions and other statutory or non-statutory deductions and payments. Our firm is also able to make submissions on your behalf to HMRC and deal with any questions you may have. We are also happy to help any small business manage their payroll, regardless of size.
Pensions and P11Ds
At Sandwell Accountancy Services we understand the difficulties that can arise with making sure your employees’ pension contributions and P11Ds – the forms that report benefits in kind to HMRC – are correct. We are here to help, ensuring an accurate and reliable service for our clients so you can focus on running your business.
Need affordable, accurate help with your payroll?
Give us a call today on 01384 569 197 to discuss your needs.