Payroll Processing

Outsourcing your payroll to us means that your payroll will be overseen and managed by an expert with a wealth of experience, so you can be sure that the stress of processing payroll yourself will be a thing of the past.

Payroll Service Romford/Essex/East London

At Edwards Bailey Chartered Accountants we provide seamless and efficient payroll management outsourcing services.

Outsourcing your payroll to us means that your payroll will be overseen and managed by an expert with a wealth of experience, so you can be sure that the stress of processing payroll yourself will be a thing of the past.

Our payroll management outsourcing services are tailored to meet you and your businesses specific needs, which is why we are considered to be one of the best payroll companies. By using our payroll management outsourcing services you can be sure that your employees will be paid on time and for the right amount, as the last thing you need as a business owner is your staff shouting at you because their pay is late or incorrect.

Why Outsource Payroll Processing Services

So why outsource payroll processing services? Outsourcing your payroll can be daunting, as you are placing you and your employees’ wages in the hands of someone else. Rest assured that by using our payroll management outsourcing services you will be in safe hands.

The HMRC legislation around the required payroll process steps is full of complications and pitfalls. It can be very easy for mistakes to be made leading to fines, penalties and ultimately a very unhappy workforce.

By using our team of experts you can be sure that we will follow all of the necessary payroll process steps so that your payroll will be compliant with HMRC legislation and your workforce will be paid without mistakes being made, ultimately saving you time and stress. That is why we believe we are one of the best payroll outsourcing companies in the UK.

How Does Payroll Outsourcing Work

So how does payroll outsourcing work? As part of our payroll management outsourcing services we will gather all the necessary information needed to complete your payroll each month such as staff hours, salary changes, tax code changes, pension contributions and updates to employee bank details.

We then complete the necessary payroll process steps as set out by HMRC and send you a draft for review. Once you approve the payroll we will file the necessary information with HMRC through their RTI filing system, circulate the payslips to the staff by email and inform you of the payments to be made to your staff and HMRC.

Hr and Payroll Outsourcing

Whether you process your payroll yourself or have a HR team that currently oversees the payroll process steps, we will tailor our payroll management outsourcing services to fit your business.

We can take the process entirely off of your hands, or work with your in house HR team to achieve a seamless and efficient results for you and your business.

HR and payroll outsourcing go hand in hand, however sometimes as a business owner you do not want the employees that handle your HR matters to see the salaries of the rest of your team. This is where our payroll management outsourcing services can be essential too keep confidential information such as staff salaries safe from prying eyes.

Limited Company Payroll Scheme

We understand that no two businesses are the same, so whether your limited company payroll scheme has 1 employee or 100 employees, our payroll management outsourcing services will be tailored to meet your specific needs.

That way your payroll processing will be accurate, efficient and a lot less stressful.

As an accountancy practice we do not work like most others. We work on a fixed fee basis for all of our services, including our payroll management outsourcing services. That way you know exactly what you are paying for your limited company payroll scheme, without any nasty surprises.

How can Edwards Bailey help you?

Our aim is to ensure we help our clients attain their goals.

Pros and Cons of Outsourcing Payroll

Bookkeeping, hr and payroll outsourcing is becoming one of the key factors for all successful businesses. Below we have detailed some of the pros and cons of outsourcing payroll.

Pros

  • Cost – It will be a lot less expensive to outsource your payroll than employing someone qualified on a full time basis to complete the necessary payroll process steps.
  • Flexibility – If the number of staff you employ decreases, so should your payroll processing costs.
  • Expertise – You will have a fully qualified payroll expert overseeing your payroll process steps.

Cons

  • Control – Some business owners worry that they will lose some control over their payroll process steps when outsourcing their payroll. At Edwards Bailey Chartered Accountants we provide a personal approach to accountancy services, so you will see us as a valued member of your team and will always be informed every step of the way throughout the payroll process steps

We believe our personal approach to accountancy services is second to none so outsourcing your payroll will be a stress free process. That is why we believe we are one of the best payroll service companies in the UK.

Small Company Payroll Services

At Edwards Bailey Chartered Accountants we specialise in small and medium sized businesses, so you know that our small company payroll services will be the right choice for you.

As a firm we work on a fixed fee basis for all our services, which includes as many calls, emails and as much advice as you require at no additional charge. This allows us to assist you with the setup, management and payroll process steps for your limited company payroll scheme without the worry that you are going to receive an unexpected fee.

Payroll for Director of Limited Company

Many small busines owners overlook the fact that they can be employees of their own company.

We will always implement tax planning such as processing a payroll for a Director of a Limited Company just below the National Insurance threshold. This will lead to your company paying less corporation and ultimately lead to you taking your income from your company in the most tax efficient manner.

We do not charge our clients any additional fees for tax planning, which is why we are considered to be one of the best payroll outsourcing companies in the UK.

Payroll Management Outsourcing Services

Outsourcing your payroll can be daunting, as you are placing you and your employees’ wages in the hands of someone else. Rest assured that by using our payroll management outsourcing services you will be in safe hands.

By using our payroll management outsourcing services you can be sure that we will follow all of the necessary payroll process steps so that your payroll will be compliant with HMRC legislation and your workforce will be paid without mistakes being made, ultimately saving you time and stress. That is why we believe we are one of the best payroll outsourcing companies in the UK.

Best Payroll Outsourcing Companies / Best Payroll Companies / Best Payroll Service Companies

We have completed our research and found that some of the most searched for phrases online when business owners are searching for a payroll providers are:

  • Outsource my payroll
  • Best payroll outsourcing companies
  • Best payroll service companies
  • Best payroll companies

 

Edwards Bailey Chartered Accountants are an Accountancy Practice with a difference. 

We have three key principals which are the basis for how we operate:

  • We provide a personal approach to accountancy services 
  • We implement tailored accountancy solutions to meet your personal and business needs
  • We work on a fixed fee basis so you know exactly what you are paying, without any nasty surprises!

These principals have helped so many of our clients achieve their goals and we believe they can help you and your business too.

That’s why we believe we truly are one of the best payroll outsourcing companies in the UK.

Outsource My Payroll

If you are thinking to yourself shall I outsource my payroll, call Edwards Bailey Chartered Accountants today for a free consultation to discuss the benefits of our payroll management outsourcing services.

You can then find out for yourself why we are considered to be one of the best best payroll service companies in the UK.

How can Edwards Bailey help you?

Our aim is to ensure we help our clients attain their goals.

Frequently Asked Questions?

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What is payroll tax?

Payroll taxes are made up of three separate elements.

PAYE – The tax element of payroll taxes that is impacted by an employee’s tax code. The rates of PAYE are 20%, 40% and 45% depending on the salary of the employee. Employees pay PAYE on their salary, bonuses and commission, but not on expense reimbursements.

Class 1 National Insurance (employee) – Class 1 National Insurance is also known as employee's National Insurance. It is paid on salaries above £792 a month at 12% and 2% on earnings above £4,167a month.

The above is deducted from an employee’s gross wages.

Class 1 National Insurance (employer) – Class 1 National Insurance is also known as Employer’s National Insurance. It is paid on salaries above £732 a month at 13.8% but is not deducted from an employee’s gross wages, it is just a cost to the employer.

How do employers contribute to payroll taxes?

Employers do not contribute to payroll taxes, they are deducted from the gross wages of an employee by the employer and paid to HMRC on the employee’s behalf.

The only payroll tax that is paid for by the employer is Class 1 National Insurance (employer).

The employer must pay all payroll taxes deducted from an employee’s gross wages, as well as any Employer’s National Insurance to HMRC by the 22ndof the month following the end of the month that the payroll is paid.

Does gross payroll include employer taxes?

Gross payroll is an employee’s salary prior to any PAYE, Employee’s National Insurance or pension contributions being deducted.

Employer’s National Insurance is paid by the employer and does not impact an employee’s gross salary or net pay after deductions. It is common practice for Employer’s National Insurance to be excluded from an employee’s payslip to prevent confusion.

How to budget payroll costs?

To budget payroll costs you need to include the gross pay of all employees, however, a common error when budgeting payroll costs is that Employer’s National Insurance and Employer’s Pension Contributions are overlooked.

This can lead to budgeted payroll costs being significantly incorrect, especially when Employer’s National Insurance is payable at 13.8% and Employer’s Pension Contributions are payable at 3%.

How long do payroll records need to be kept?

All accounting records should be kept for at least 6 years. This includes payroll records such as payroll reports, P32’s, P60’s and payslips.

The reason why you need to keep your accounting records for 6 years is because HMRC can look back up to 6 years if they open a discovery assessment during an enquiry. HMRC may open a discovery assessment if they find significant wrongdoing in an individual’s or a company’s tax affairs.

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