Shout out to Payroll!

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.

*https://obr.uk/efo/economic-and-fiscal-outlook-march-2020

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 – directors@hbaccountants.co.uk

Payroll Manager Jane

Our Covid19 hub is still available to any business that needs accounting support and our team is on hand for bespoke consultations.

Visit our COVID19 Business Hub for more information

For financial and accounting guidance and support, please contact Keith or Karen. We’re still working hard to help you make the right decisions.

Or call 01992 444466 or email directors@hbaccountants.co.uk for help. We look forward to hearing from you. 


Latest Blogs from HB Accountants


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

COVID19: Coronavirus Job Retention Scheme (CJRS) – emerging issues & answers

Updated: 22 April 2020: Following emerging issues about the Coronavirus Job Retention Scheme (CJRS) from HMRC, the ICAEW has released amended guidance. We have updated our “top 10 questions answered” to include these amendments

Continue reading

COVID19: Furloughing period extended to 30 June 2020

The government have confirmed today that they are extending the period that employees can be furloughed to the end of June. The chancellor has also stated that this period could be extended further. If the lock down restrictions are lifted at the end of May this would allow some businesses to start trading by un-furloughing some staff whilst keeping others on  furlough and have a couple of months of trading before salaries are to be met in full or other action taken. Alternatively, it may be an indication of the lock down period being extended once again.  

Please also remember that the HMRC portal goes live on Monday

Continue reading

National Insurance Updates: Are you aware of the changes?

The National Insurance Contribution Threshold will rise to £9,500 a year on 6th April 2020, consequently 31 million UK taxpayers will begin to pay less national insurance!

This means that the typical employee will pay around £104 less in 2020/21, and self-employed people who pay national insurance at a lower rate will have £78 cut from their bill.

Continue reading

Tackle Cybersecurity for Payroll Records

It’s safe to say that payday is the time of the month that employees look forward to. But there are hidden processes and vital security measures that are necessary to make this coveted day run smoothly. Using an outsourced partner like HB Accountants for your payroll can help you to streamline your payroll and cut the risk of a cyber breach. So, what’s at stake?

Continue reading

How to Find Help with Payroll

There’s a good deal to think about when running payroll. But the overriding concern is that your payroll must be right, as employees need to be paid correctly and on time. As an employer you are responsible for managing payments, reporting on pay, and paying HMRC, not to mention handling workplace pension contributions, administering childcare vouchers and managing salary sacrifice schemes too. Many companies seek outside help in order to handle their payroll effectively.

Continue reading