Experts at accountants and business advisers Whitley Stimpson are urging businesses to update their payroll systems in a bid to avoid penalty charges from HMRC.
Latest figures have revealed that over the last three years HMRC has slapped fines of more than £75m on UK firms who are repeatedly failing to meet their payroll requirements.
Many businesses are missing deadlines or making mistakes including misclassifying employees, using the wrong tax code, miscalculating pay, or incorrectly calculating auto-enrolment pensions. Errors are often down to the use of manual systems rather than automated technology.
Tracy Gill, Payroll Manager at Whitley Stimpson, said: “Payroll reporting is a basic requirement for most businesses, but it is an area where managers are increasingly failing to get it right.
“It can be a chore and legislation is becoming more complicated so it is best to automate systems using the latest software to ensure records are accurate and up to date and, critically, HMRC are satisfied and no fines are incurred.”
Whitley Stimpson works closely with clients to improve efficiencies and suggest ways of upgrading their systems to limit payroll costs. Its seven-strong team supports 467 clients in businesses ranging from one to 250 employees.
Tracy added: “We are always looking to find the smartest way of handling payroll while listening to clients’ needs and improving our service.”
Earlier this year the Whitley Stimpson payroll team were announced as finalists in the national Accounting Excellence Award in the Payroll Team of the Year category.
If your business requires help with its payroll process, contact the Whitley Stimpson payroll experts https://bit.ly/3PCkOh1 or for further information watch https://bit.ly/3sRx2cR
