National Payroll Week – Why it is important for your business
During the 2 – 6 September, the Chartered Institute of Payroll Professional (CIPP) will be hosting and celebrating its 21st anniversary of National Payroll Week.
Over the week, the national awareness campaign has two key goals; the first is to raise the profile and awareness of payroll in the UK, by recognising the efforts of professionals in the payroll industry. The second is to educate business professionals about the payroll system and related benefits.
It is important to recognise the impact the payroll industry has in the UK, through the collection of income tax and National Insurance (NI) it is estimated that £301 billion will be contributed to the UK economy in 2019/20.
However, for businesses of all shapes and sizes keeping on top of payroll poses a huge challenge, it is a time-consuming task and a considerable source of stress for business owners and managers to get right for both their employees and business.
The legislation governing tax and National Insurance Contributions (NICs) is forever changing, as are the rules relating to the National Living Wage (NLW) and auto-enrolment pensions.
Changes such as these need to be carefully followed and taken into account when administering payroll – particularly as failures to pay the National Minimum Wage (NMW) or NLW, or make the correct level of contributions to workplace pensions, can attract substantial penalties.
If you’re struggling to stay on top of your payroll, it is wise to seek specialist advice and consider the benefits of outsourcing your payroll to ensure everything is running smoothly.
Outsourcing payroll offers businesses wide-ranging benefits, some of these include guaranteed compliance, as well as freeing up time and resources that can be invested in growing the business.
If you are considering outsourcing your payroll, contact our experienced payroll team today to find out how we can support your business with payroll management.