Nowhere is this more evident than the payroll provision within a family business. For most companies, large and small, payroll is the biggest annual expenditure. It’s essential to get it right to ensure you’re paying the proper amount to your employees. More significantly, it’s critical to ensure you are filing the correct information with the Inland Revenue. Every year, the government penalises thousands of businesses for late or inaccurate Full Payment Submissions (FPS).
Mistakes in an employee’s payment may be embarrassing or inconvenient, but they can be rectified. Mistakes with FPS incur penalties, which can prove very costly.
Adding to the challenge, from April 2020, the rules are due to change for contractors working with medium to large-sized clients in the private sector. Like the public sector, these clients will have to determine whether the contractor falls inside or outside IR35. Yet another example of the need for expertise and knowledge of the many rules concerning payroll, PAYE, and soon, IR35 and Off-payroll employees.
Struggling with payroll is unnecessary, and getting it wrong is risky. Payroll is one of the activities that most businesses can easily outsource; it’s a function that can, and should be, handled by experts with up-to-date knowledge of the rules and regulations. Cantium provides Payroll services to many organisations who ultimately benefit by removing the day-to-day challenges, and invariably it proves to be more cost-effective than having Payroll staff on their payroll.
Adequate expert resources are deployed as and when you need them; so, as your family business grows, you can focus on adding personnel who deliver your core products and services. We can focus on making sure they get paid for their positive contribution.