For companies that have been affected by recent events, those that outsource their payroll have had the reassurance of the successful management of grant applications and receipt of funds. At LWA we’ve received so many positive messages of thanks from clients that it has really highlighted how valuable outsourcing your PAYE can be.
ONE LESS THING TO WORRY ABOUT
As you concentrate on hiring and retaining the best employees to help make your business a success, by outsourcing your payroll, you can be assured:
- they will be paid on time
- tax and NICS payments are calculated properly
- minimum employee and employer pension contributions are made for those that have opted in
- details specific to employees such as bonuses, maternity / paternity pay and overtime are all accurately calculated (after you’ve submitted the qualifying information to your provider).
Managing payroll is an added time resource and unless your HR department has the capacity to organise this, outsourcing could mean you are saving on costs and therefore increasing your profitability. Furthermore, paying your staff correctly and on time each month, contributes towards employees being happy, which in the long-term minimises costs associated with keeping your staff turnover low.
Each year the Government assesses the National Living Wage and the National Minimum Wage rates and determines if they are to be increased on 1st April. Your payroll provider will keep you informed of any changes and whether they affect you, whilst also ensuring you adhere to the minimum rate.
Payroll services providers will also be made aware of other changes in the law and will contact individual clients dependent on whether they are affected. Recent and upcoming legal changes that you may need to be adhering to include:
- New ruling on overtime and holiday pay
- Employment allowance changes affecting businesses with a NI bill of £100k+ per tax year
- Changes associated with The Good Work Plan 2020
The Government has introduced numerous support for businesses after the Coronavirus outbreak, including the Coronavirus Job Retention Scheme which has allowed employers to furlough staff rather than lay them off, covering 80% of their monthly wage (up to £2,500 per employee), as well as Statutory Sick Pay repayments for employees having to take time off due to Covid-19 symptoms.
So that employers haven’t had to deal with the intricacies themselves, HMRC allowed agents and payroll providers the ability to manage the submissions of claims on their behalf. At LWA, this allowed us to take away the worry of paying employees whilst our clients focussed on how to get through the economic shutdown, with one client commenting “…this morning we've had a credit in our bank for the furlough repayment. The guidance and help from your team made it so easy and straightforward, I am truly grateful.”
A CLIENT VIEWPOINT
In the midst of helping clients get through the economic effects of Coronavirus, our Payroll Services team has actually taken on new clients wanting ongoing support for the long-term future, as a result of word of mouth recommendations. This level of referral means a great deal to the firm as we strive to maintain a long-held reputation of a professional yet friendly service.
One such new client recently commented “It has been a pleasure liaising with LWA’s payroll department since we appointed them two months ago. They make the process managing the payroll for our 55 employees straightforward and such a breeze when in the past it has been a tough task! Thank you again.”
If your business could benefit from outsourcing your payroll, or you’d like further information on any of the points above, please get in touch with Sara or Angela in our Payroll Services team in Warrington on 01925 830 830 or call our Manchester office on 0161 905 1801.