Many businesses and individuals change accountants. Maybe your needs have changed as you’ve grown and you want to work with an accountant offering multiple services. Or maybe working with an accountant based nearer to your offices will give you the benefit of a more personal service? Whatever the reason, once you know what you need, you can begin the search for a new partner. But what happens when you find the accountancy practice that’s right for you? And what do you do next? Here’s the answer.Continue reading
It was estimated earlier this year that £4.46 billion* would be collected through income tax and National Insurance (pre-Covid, of course!). Payroll is integral to the workings of your business and the country. Last week was nominated National Payroll Week, and we’re giving a big shout out to all payroll managers, especially to our own, very special Payroll Jane.
How can payroll help keep your employees happy & save your business money
Were you aware that payroll can play a strategic role in saving your business money? And it always helps you create happy and motivated employees. Yes, payroll. Many people are unaware that the payroll function is far greater than pushing a button to pay salaries or send information to HMRC: it also processes a whole host of very useful data and it supports your team.
Paying your employees on time and correctly is so important as it shows them that you value all that they do for you. There are a whole range of benefits that you can offer your team – from cycle-to-work schemes, salary sacrifice and eye test cover – most of which are monitored by HR and payroll, that will add to your employee proposition. When your payroll is managed by qualified professionals – either in-house or outsourced to experts – you can be assured that your most important assets are being paid correctly on time and you are complying with all relevant regulations.
How can payroll help with compliance in your business
Payroll also helps by ensuring compliance and managing reporting – so by including these as objectives and measuring their success within this department, you can carefully manage another important aspect of your business.
Strategically, your payroll can also help with strategic planning. Salaries and expenses are likely to be the largest combined costs faced by your business. They show leaders very quickly where their budget is being spent and understand how much money they have to invest in other areas. This is particularly important for companies with multiple departments or where employees are scattered across the country or even the world, operating in different time zones and subject to different tax regimes.
From happier employees who can enjoy a range of benefits that boost morale – to unique insights into your business expenditure that can be used as part of your strategic decision making, payroll clearly has a very important role to play in your business and it may be worth taking another look at what is currently in place.
Payroll: tax & legislative requirements
If payroll fills you with dread due to the ever-changing tax and legislative requirements, consider outsourcing your payroll for considerable cost savings, efficiency and enjoy happy loyal employees. It allows you to concentrate on your business without this additional administrative burden.
HB Accountants’ very own Payroll Manager Jane could be the answer to your problems – do get in touch to see how we can work with you – email@example.com
Our Covid19 hub is still available to any business that needs accounting support and our team is on hand for bespoke consultations.
Or call 01992 444466 or email firstname.lastname@example.org for help. We look forward to hearing from you.
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The information contained above is for general guidance purposes only. Whilst every effort has been made to ensure the contents are accurate, please note that each individual has different circumstances and it is essential that you seek appropriate professional advice before you act on any of the information contained herein. HB Accountants can accept no liability for any errors or omission or for any person acting on or refraining from acting on the information provided in the above
A cloud-based accounting system is a package of software that you purchase the right to use but it is stored off-site on a remote server – the cloud – rather than on your desktop. It’s cost-effective, can be simple to use, is secure, and provides all the relevant financial information you need at a click of a button. It has been said that small and medium-sized businesses are the biggest beneficiaries of cloud accounting for all of these reasons but cloud computing is not for every business. If you have minimal transactions, for example, or you are the type of person that just isn’t tech savvy, then we would strongly recommend retaining your manual spreadsheet as it is possible to get in an accounting pickle. However, if you’re a SME with manually intensive bookkeeping requirements, you can gain real benefits from implementing a cloud accounting system. Here are a few.Continue reading
Great news for SMEs that need some financial help after the recent (and ongoing) business disruption caused by the pandemic. Grants, launching today, are available for between £1,000 – £5,000 to be used to access new technology and other equipment, as well as professional, legal, or financial advice to help get back on track.Continue reading
This is the question we were discussing in the office recently. What have we learned from Covid19? Apart from the realisation that a tiny virus – about 0.12 microns in size – can cause extreme distress to the population and the economy, we’ve also learned a lot about how we as a business can deal with uncertainty. From flexible working to virtual networking – this is what we’ve learned from living and working with Covid19.Continue reading
The ongoing lockdown may be the catalyst for many limited company owners to change their business model in order to survive or to create a simpler way of working. One option is to disincorporate – in other words, dissolve the limited company and, if the business is still viable, operate as a sole trader instead.Continue reading
After being instructed to work from home due to Covid19, a number of companies have unexpectedly realised that homeworking could become the new normal. The CEO of Barclays was reported saying that big offices ‘may be a thing of the past’ after just six weeks of lockdown.Continue reading
We’re part way through the Covid19 lockdown. Easter is over and at the time of writing, we do not know exactly when quarantine will be eased. As the days stretch before us business owners, who may or may not be currently trading, there is time for many to give your company a MOT: to get prepared for the future, whatever this may bring.Continue reading
Auditors… Does this conjure up an image of an impersonal, fearful, detail-obsessed tyrant desperate to find errors in your accounts? I completely understand why the thought of an audit would fill you with dread, but this blog shares how to have the same positive audit experience that our clients enjoy and one that will ultimately help and support your business.Continue reading
Avoiding common errors when computing business profits
HMRC produce a range of Toolkits for agents, which highlight errors commonly made in returns so that agents can take steps to avoid them. The business profits toolkit provides guidance on errors that are found in relation to business profits for small and medium-sized businesses. They are helpful to anyone computing taxable business profits.