Now that the mad rush of self assessments are out of the way for everyone, (not us of course as we’re really organised and had them all filed in plenty of time) it’s time for us to concentrate on the new tax year. It’s only a short time away, it begins on 6th April.
This means we are now starting to take on new clients who would like to outsource their payroll. We understand how time consuming payroll can be and how confusing it is to keep up with the changing legislation so we can take that trouble and stress away from you. This will allow you to get quality time back for your business, so you can invest your time into the areas of your business which need you most.
Having the right payroll provider or software can make a huge difference to your business. You can automate certain tasks and be rest assured that you’re compliant with HMRC. As your business grows and you take on more employees you may find the need to switch software providers. At Virtual Accounts and Taxes we use Brightpay, which can adapt to your developing business, saving you time, money and effort when it comes to your payroll.
When’s the best time to make the switch?
If you’re ready to make a difference to your payroll process then we strongly advise moving over to Virtual Accounts and Taxes at the start of the tax year. That’s why it’s perfect to start preparing for it now.
The main reason we advise waiting until the next tax year is so that you don’t have to transfer any historical data across. The government quite often makes changes to thresholds, codes and rates so by making the change in the new tax year you can be sure that no new data is mixed up with historic data, ensuring compliance. Seeking assistance from a payroll professional is highly advisable due to this
If you choose to switch mid-year you will need to ensure that HMRC does not duplicate information as this can impact your employees tax code and cause you a lot of work to figure out what’s gone wrong! So if you do have to make the switch mid-year, proceed with caution and be certain that your new payroll provider/software is right for you.
When making the change to Virtual Accounts and Taxes we advise you to check with your current provider that you’re not tied into a fixed contract or that there are no cancellation fees and that your new provider will help with the transition.
We will ensure a smooth transition from your current provider, making sure that your employees are still paid on time and that you don’t have extra work to do.
What should I consider?
Before you make the leap from one provider to another, it’s vital that you understand the reason behind doing so and what processes aren’t working as they should. Then you can work with your new provider to make sure you don’t encounter the same issues.
Follow these steps:
Audit what isn’t working
List your ‘must haves’
Consider the transition period
Research client reviews
Think about the integrations with your accounting software
Check your new payroll provider is HMRC compliant
Ensure cross-compatibility to reduce human error
I’m ready to do this!
Once you’re ready and have considered all of the above then get in touch and we can start the ball rolling. Here’s a list of what we may need from you:
PAYE reference number
Number of employees
Details of all employees
Payroll records, ie what the employee is paid, any benefits they are entitled to etc
We will talk you through all the steps in order to make the transition. You will need to inform your employees of the change of provider as payslips may look a little different and this may confuse them if they’re not informed first. Just assure them that not much will change for them and that they will still get paid as usual!
To find out more about Virtual Accounts & Taxes Ltd Payroll Bureau Service, please call Nicola Fallon today on 0161 250 2219 or book an appointment at your convenience.