How do you manage your payroll?

 

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It’s National Payroll Week!

National Payroll Week is currently taking place in the UK between 3rd-7th September and was established to raise the profile and awareness of payroll in the UK.  It helps demonstrate the impact payroll has on the UK economy through contributing towards the £4.46bn* collected through Income Tax and National Insurance.

Payroll is the largest expenditure in most organisations and also poses the opportunity for employees to save money through salary sacrifice and other arrangements which, in turn, increases motivation and morale.

With a number of options for managing payroll, whether integrated within internal Finance or HR Software or outsourced externally, we thought we’d share some related resources that we’ve come across that we hope you might find helpful.

* based on income tax and national insurance contributions.

Payroll Factcard 

The Chartered Institute of Payroll Professionals (CIPP) have produced a helpful payroll factcard that you might find useful for your business or organisation, which you can download a copy of here

Issued at the start of each tax year, it provides quick access to information on:

  • Tax rates and allowances
  • Student loan recovery
  • Mileage rates
  • National Insurance thresholds and rates
  • Statutory payments
  • Automatic enrolment thresholds
  • Plus other key facts and figures that come in handy when processing payroll

Xero Payroll Software

If you are an existing Xero user for your accounting needs and don’t yet have payroll set-up, you can add it to your plan today. It’s only £5 per month to use Payroll for up to five employees, then £1 per month per additional employee. You can also access a free 30-day trial before committing to see if this might be a good fit for you and your organisation. For further details, you might like to take a look here

How We Can Help

At Holybrook, our Virtual Finance Team offers an extensive range of financial management services to help you improve the way your organisation runs.

If you would value some support with setting up or processing your payroll or anything else, then do please get in touch: admin@holybrook-associates.co.uk