Payroll

Payroll is among the most time-consuming tasks in the financial calendar of any business, which makes it an important focus in our quest to help our clients achieve financial freedom.

Changes in regulations have made payroll an increasingly burdensome area of compliance but, thankfully, external payroll services can save businesses significant amounts of time and money.

At Simpson Wood, we aim to do more than just act as a time-saving payroll option for our clients. Any company that utilises our payroll services benefits from accurate payroll information tailored to the exact needs of the business, as well as advice and guidance drawn from the full extent of our in-depth expertise and wealth of payroll experience.

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What are payroll services?

Because training payroll staff in the latest payroll software can be an expensive drain on company resources, many of our clients choose to utilise our payroll service in order to remove this time-consuming and costly task from their own workload.

The payroll team at Simpson Wood is vastly experienced and ideally placed to make timely, accurate payroll calculations amidst the increasing complexity of legislation and regulations around this particular area of accounting.

Our comprehensive payroll service includes:

Processing of payroll at regular intervals to suit your business

Automatic transmission of your payroll data to satisfy Real Time Information requirements
Production of payroll reports and delivery of employee payslips, both via our secure online portals
Making salary payments direct to your employees where required
Dealing with SMP, SPP, SSP, and SAP matters
Assisting with CIS claims

Advising on related matters such as redundancy, national minimum wage and holiday pay
Assistance with HMRC compliance inspection visits
Production and filing of P11D forms

Why should I use payroll services?

Payroll is an area of accounting where the stakes are high. Conscientious business owners know that paying employees in full and on time is vital in order to protect their company’s reputation, staff morale, and ensure the business fulfils its contractual obligations.

There are penalties, fines and audits that loom for companies who miss their payroll submission, and inaccuracies in payroll calculations can lead to exponential problems that affect the whole business.

While developing in-house services is often cost-effective, it is not necessarily the case when it comes to payroll. That’s because it takes a great deal of time to get up to speed with the latest payroll software, let alone become fully trained in the complex, long-winded processes involved in payroll processing.

Mistakes in payroll can also be costly, leading to staff disputes and potential tax issues should HMRC discover inconsistencies in your record keeping. Even the most competent, well-organised businesses find the task of payroll a troublesome one to get right.

At Simpson Wood, our payroll department offers a payment service whereby we make net salary payments directly to employees’ bank accounts, using cleared funds received from our clients. This service alleviates the responsibility our clients face in making correct payments to their employees, and can also save a considerable amount of processing time.

Benefits of payroll services

In addition to the time and money that Simpson Wood’s payroll services can save your business, we offer something every bit as valuable: confidence.

Clients of all sizes and sectors who rely on our payroll services know that their employees are being properly paid, and that their financial records offer a true reflection of the financial side of their business.

If you would like to learn more about what our payroll services can do for your business, contact us below.

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More from Business Advice and Support

Our comprehensive business advice and support services are key to the type of firm we are.

In addition to covering your basic requirements such as accountancy and tax compliance we will provide you with a complete service to give you practical help. Please click on the relevant heading for further details.

We see Simpson Wood as a proactive partner that often looks for ways to improve our financial position by providing advice on tax planning opportunities.

The people at Simpson Wood take time and care to understand our needs and to provide advice in a professional way – and on a level which is easily understood. I would have no hesitation recommending this company to anyone looking for professional advice across a broad range of financial matters.

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