Frequently Asked Questions about outsourcing of payroll services
What constitutes a Payroll?
A list of employees
detailing the amounts due to each for a given period of time, stating
the deduction of taxes and National Insurance contributions.
What
is a Payroll Bureau?
A service provider for the outsourcing of the payment of wages or salaries
to a company's employees which includes the calculation and deduction
of taxes and National Insurance contributions.
What
is PAYE?
PAYE (Pay As You Earn) is the Inland Revenue description for the process
used to deduct tax and National Insurance at source (i.e. by the employer
or his service provider).
What
are Year End returns?
The submission of statutory returns P14's & P35's to the Inland
Revenue and P60's to employees after 5th April each year.
What
are Manual Tax Tables?
These are tables provided by the Inland Revenue to calculate a payroll
and tax deductions without the aid of software.
Why
should we consider outsourcing our payroll?
For most companies, payroll is not a core competency. Therefore the
decision to outsource this function can not only save money, but also
enable you to reallocate these resources to help you drive your core
business forward.
When
should we consider outsourcing our payroll?
Any time is the right time. If you have a payroll system in place then
you should consider the cost impact on your business in relation to
your core business activities.
What
services does 365 Payroll Services provide?
We provide a broad range of services which are designed to meet the
needs of most businesses, such as calculating payroll and tax deductions
for each employee as well as printing and delivery of payslips and management
reports. Other services are available to meet your specific needs and
we will be pleased to discuss these in full.
Does
365 Payroll Services provide a single point of contact?
Yes. You will be allocated a single point of contact with whom you can
deal with any day-to-day queries.
I
only have a few employees - Why should I outsource my payroll?
The outsourcing of payroll is appropriate for most companies no matter
the number of employees. All companies - both large and small, have a
responsibility to comply with the latest Government rules and regulations.
In the case of a small business you may not have the appropriate resources
or skill levels to deal effectively and efficiently with payroll and all
that this entails. Furthermore, by outsourcing the payroll function, you
can ensure that your staff are paid accurately and on time.
What is the cost involved in using 365 Payroll Services?
Generally speaking, the cost depends on the number of employees and how
frequently you pay them (weekly to monthly). For an additional fee, our
service can include year-end returns, NI, PAYE, P11Ds, P45s, P60s, P35s,
etc. For a company of 10 employees or less, the service would cost under
£400 per year.
Will
365 Payroll Services save me money?
Depending on what you are paying now, using our payroll bureau service
could pay for itself in a number of ways: it will saves time and effort
as well as giving you the peace of mind that your employees payroll is
being handled by a professional company. This not only leaves you free
to concentrate all your efforts on managing your business, but frees existing
staff and resources for other tasks.
Will
I need any special equipment?
None! We offer a service to suit your business requirements. All you need
to do is to advise us how much to pay and to whom, so if you have access
to a fax, a postal service or the Internet, you can send us the details
of your payroll.
What
do I do now?
If you have got this far you should now have all the answers you need.
However, if there is anything we haven't covered you can contact
us here.
Send mail to webmaster@365payroll.co.uk
with questions or comments about this web site.
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