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How to Properly Manage Your Payroll Account with Regards to Paye

As you may already be aware, it is your duty and responsibility as a business owner and employer in the UK to operate your enterprise with PAYE. And the task of running PAYE with regards to your payroll can be done in two ways: either by enlisting the service of a payroll firm or provider, or simply by doing it yourself.

The distinction of running PAYE with the help of a payroll service

The beauty of having your own payroll service working for you and outsourcing payroll is that you will not have to worry any longer about your payroll (and managing it properly, of course) – the payroll service provider will be the one taking care of it for you. And, apart from this, your payroll service provider should be able to handle PAYE tasks and responsibilities as well, freeing you even further from this necessary yet time-consuming task.

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But when you are thinking of enlisting the services of a payroll specialist firm, you also have to think about how much of their support you actually need. Even if you delegate all your payroll management tasks to a provider, keep in mind that you still have to collect and keep the records of all your employees so you can then transfer these records to your payroll service provider. However, if you are opting for full payroll support services, then this is often all you need to do – provide them with the information, and the rest is their responsibility. For example, payroll companies like www.berkeleyhamilton.co.uk are readily available to take care of all your payroll needs – from administering your employee payroll to making sure that your PAYE requirements are all submitted and processed on time. By enlisting the help of a payroll service, you can be sure that all your payroll requirements are taken care of, and you can decide exactly which of their service you need as well.

The choice of running your business payroll by yourself

If you do decide to run your business payroll on your own, then you need to be aware of particular tasks and requirements that you should take care of when setting up your business payroll. These tasks include registering as a business employer with HMRC, setting up a login for your online PAYE account, and choosing the right software for managing your payroll (unless, of course, you prefer to do everything manually – which is definitely not advisable, especially in this day and age).

Additionally, if you set up your own business payroll, you have to collect and store all your records and make sure to inform HMRC about all your employees (especially those who have resigned and those who are new). You also have to record all your employees’ wages, make the necessary deductions, and report all of these to HMRC either on or right before the pay date. HMRC will also have to be paid whatever taxes and National Insurance that is due, and you will additionally have to complete annual reports for your business as well as a variety of other tasks.

As you may already have noticed, it is easier to manage your business payroll if you rely on an expert to do it for you. Having someone else take care of your payroll – and your PAYE responsibilities – frees up your precious time and lessens the likelihood of mistakes or errors as well.