Are payroll issues keeping you from other essential business operations? Getting payroll right is a crucial aspect of maintaining a positive and loyal workforce. It also keeps your business in the clear with HMRC. So, we understand just how important it is to you that calculations are precise, payments are on time, and issues are quickly resolved.
That said, payroll also takes up a huge amount of time. But it doesn’t have to be that way. Many of the tasks can be simplified and even automated, so why not hand the responsibility over to a team that knows what they’re doing?
Welcome to Daniel Wolfson & Co, Payroll Services for UK Businesses
Managing payroll involves more than calculating wages. Employers also need to account for tax and National Insurance deductions, provide payslips and report the relevant information to HM Revenue & Customs (HMRC).
Daniel Wolfson & Co provides payroll support to help businesses manage these tasks and maintain organised payroll records. Depending on your requirements and the services agreed, support may include payroll calculations, payslips, PAYE reporting and workplace pension administration.
Whether you run a small business or manage a growing team, contact us to discuss the payroll support available for your organisation.
Do You Need an Accountant to Run Payroll?
You do not have to hire an accountant to run payroll. Employers can manage payroll in-house using suitable payroll software or outsource it to an accountant or payroll provider.
However, payroll involves calculating pay and deductions, providing payslips, reporting information to HMRC and meeting relevant deadlines. Professional payroll support can reduce the administrative workload and help you manage these responsibilities more efficiently.
The right option depends on your workforce, internal resources and the level of support your business needs.
How does payroll work in the UK?
When running payroll in the UK, employers generally need to complete several tasks each time they pay employees:
-
Record employee pay: Calculate salary or wages, including overtime and other relevant payments.
-
Calculate deductions: Work out Income Tax, employee National Insurance and any other applicable deductions.
-
Calculate employer contributions: Work out employer National Insurance and other relevant payroll costs.
-
Provide payslips: Show employees their gross pay, deductions and net pay.
-
Report pay to HMRC: Submit the required payroll information through the appropriate Real Time Information (RTI) process.
-
Pay employees and meet payment obligations: Pay employees on time and arrange payment of the amounts due to HMRC.
The exact tasks depend on your employees and payroll arrangements. Payroll software or a payroll provider can help you manage the process and keep records organised.
Our fully managed payroll services
Daniel Wolfson & Co provides payroll support to help businesses manage employee payments and related reporting. Depending on the service agreed, our payroll support may include:
-
Payroll processing: Calculate employee wages, overtime, deductions and net pay.
-
Payslips: Prepare payslips showing gross pay, deductions and net pay.
-
PAYE and RTI reporting: Prepare and submit the required payroll information to HMRC where included in the service.
-
Employer National Insurance: Calculate relevant employer contributions as part of payroll processing.
-
Workplace pension support: Assist with pension-related payroll calculations and administration where included in the agreed service.
-
Payroll records and reports: Maintain payroll information and provide reports to support your business’s payroll administration.
We can discuss your payroll requirements and explain which tasks our team can manage on your behalf. Employers remain responsible for ensuring that their payroll obligations are met, even when they use an external provider.
Why choose our payroll services?
Payroll management is an essential but complicated activity that requires accuracy, compliance, and careful attention to detail. Whether you need a little help in one specific area or the full service, Daniel Wolfson & Co has the team to support you.
From onboarding new starters to reporting payroll to HMRC, our experienced payroll providers will help you every step of the way. With us, you can expect a reliable, efficient and customisable payroll service that gives you back more of your time.
Get in touch with us to find out more about how our payroll services can be tailored to your business’s needs. We’ll happily answer any questions you may have about the process and give you a good idea of what to expect.
Frequently asked questions about payroll
What are the main advantages of using payroll services UK?
Payroll services UK can save your business time and money by handling all payroll tasks, ensuring accuracy and compliance with HMRC regulations. This frees you up to focus on core business activities.
What is the difference between a payroll service and payroll processing?
Payroll processing services are the specific tasks involved in paying employees, while a payroll service is the full offering from a provider, which includes the processing along with other services like reporting and compliance.
Why should I consider payroll services?
Payroll services are an excellent option for businesses that want to reduce the administrative burden of payroll. They ensure that complex calculations and tax filings are handled by experts, minimizing the risk of errors and penalties.
How can payroll services for accountants help my practice?
Payroll services for accountants allow you to offer a complete service to your clients without the overhead of an in-house payroll team. You can offload the administrative tasks and focus on higher-value accounting work, ensuring greater efficiency and accuracy in payroll processing while freeing up time for strategic activities.
Are payroll companies in London different from others in the UK?
While most payroll companies in UK follow the same regulations, those specializing in payroll services in London may have specific experience with local businesses, offering tailored advice and services to meet the unique needs of a busy metropolitan area.
What does a payroll processing company for small businesses typically handle?
A payroll processing company for small businesses manages everything from calculating wages and deductions to generating payslips and submitting all necessary reports to HMRC. They simplify the process to keep your small business compliant and efficient.
Can I use payroll processing services for my small business?
Yes, you can use payroll processing services. This is a common and effective solution for businesses of all sizes, allowing you to benefit from a provider’s expertise and technology without having to manage the process in-house.
What is RTI in the UK payroll?
RTI (Real-Time Information) submissions send HMRC real-time information about an employee’s income, deductions, and taxes. This means you report employee data as you process it rather than at the end of the financial year, so it’s accurate and compliant.
What deductions are typically taken from an employee’s pay?
The most common deductions from an employee’s pay include Income Tax, National Insurance contributions (NICs), pension contributions, and student loan repayments.
Other deductions may include union dues, charitable contributions, and some employee benefits like health insurance. These deductions are based on statutory requirements and the employee’s unique circumstances to ensure compliance with HMRC.
Will Daniel Wolfson & Co Accountants handle auto-enrolment?
Yes, Daniel Wolfson & Co manages pension auto-enrolment, ensuring that your company follows UK workplace pension legislation. We handle all of the auto-enrolment business processes, such as employee assessments, contribution calculations, and reporting.