Untitled

[sammillerposts-blog1]

4 Key Reasons Why Payroll Is Necessary Within A Business

Payroll is an essential part of any organisation. The payroll department are responsible for employee's salary, but also the protection of the company's reputation. This is because they have to ensure the company is compliance with the various legislation.

1. Maintaining the Company’s Reputation

The financial responsible that a company has towards their employees, the company has to make sure that their payroll activities stick to the country's tax obligations and  follow the employment legislations. If a company is well organised and is meeting the tax obligations on time then the company would start to develop a reputation as a stable employer. Thus attracting more talent, towards the company.

2. Morale of Your Employees

Payroll plays a critical impact on the morale of the employees, as it ensure that the employees would get paid on time. Without them having any doubts of what day they are going to be paid. As late or inaccurate payroll, could lead to employees questioning the stability of the company, therefore compromising the working environment resulting in underperformance or ignorant behaviour in the company.

3. Compensation Package

It also allows employees to feel their net worth within the company. As payroll is based on the annual performance of an employees, which can be rewarded with a increased salary or bonus. In theory this boosts the performance of employees are rewarded for their efforts leaning to the further development of the company.

4. Distribution of Resources

As many accountants may know payroll comes with a large amount of paperwork and excel calculations with can be very time consuming. Payroll performed regularly; therefore additional resourcing is needed to make sure that the payroll calculations are accurate and precise. However, this can be solved by engaging in a payroll system. A payroll software system allows the data to be organized to generate customised reports. In addition a payroll software system helps track the hours, wages, deductions and withholding taxes, printing and delivering of checks and paying employment taxes to the government. As payroll systems are up to date with the latest legislative changes; not needing to worry about an overhaul on their present payroll system.

As medic accountants we understand the tax laws and regulations which to some can be very complicated we can help make the payroll process transparent and easy. Helping you avoid penalties and reduce the risks of audits.  Our services are affordable, flexible and have the knowledge to help maximise your returns. Tax laws are always changing and we don't want you to get caught in it, our staff will give you updates on the latest laws and we would also offer recommendations thought out the years to help intensify your tax cost savings.

[sammillerposts-blog1]

Healthcare Payroll Systems made simple

Anyone with experience in working in a company or a practice environment will probably be familiar with the complications of payroll systems. As a GP Practitioner, Consultant, Dentist or a healthcare representative you most presumably are aware of the complexion and strain of accounting & payroll responsibilities; The full employee set up, Payroll calculations; SSP/ SMP/SAP and SPP Administration.

With Practices and clinics we are familiar with the Weekly, Fortnightly and Monthly Payrolls

Modern day Change in Payroll systems:

In this digital information age, it is essential for a company to set up a suitable financial plan and this includes focusing on accurate and important data. Making the right business decisions whether it's small clinics forming new payroll systems or larger companies outsourcing rather than hiring extra employees.

We are a medical accounting and payroll firm based in Barnet, and Enfield. We deal with Payroll Preparation such as:

Full gross calculations

Meeting statutory requirements

Real Time Information (RTI)

Production of Monthly reports

Production of HMRC reports

Production of Pension schemes

Tax Advice for GP Practices/Practice Doctors:

Corporation Tax Self Assessment for private GP Practitioners

Corporation Tax typically applies to profits made by limited companies, members’ clubs and to trade and housing associations.

Tax Rates:

FY 2016: 20%    FY 2017: 19%

Submissions:

The submission must include the company’s Self Assessment return alongside details of any trade and other losses such as capital losses.

A company has a right to amend its return, including the Self Assessment within 12 months from the statutory filing date.

Feel free to visit our site for more guidance, advice or services for setting up or adjusting your payroll systems.