Payroll outsourcing Solutions
Paying people promptly
Your payroll is the lifeblood of your business. It keeps your employees happy and keeps the cogs turning.
That said, it’s no secret that it’s a very time-consuming and repetitive process which can be made even more complicated depending on the needs of your team.
Well, why not consider outsourcing payroll to us? Not only will handing over your payroll processes to us free up your team to focus on your day-to-day, but you’ll be able to rest assured it’ll be done promptly and accurately.
How do we take care of your Outsourced payroll?
Using the latest accounting software means we’ll make light work of any payroll functions we’re given. We can work to any schedule necessary and ensure everyone is paid on time. We can even send out payslips on your behalf, crossing yet another job off the list.
Our outsourced payroll solutions can cover every base when it comes to your payroll – from setting up a new starter, sorting out your pension auto-enrolment, or even organising your PAYE reports for HMRC.
We can setup separate accounting portals for either side of payroll — employee or employer — giving you more flexibility and control over how your payroll is managed. And we’ve got an app too that employees can use to check their payslips and other information
We even account for industry-specific payroll requirements such as the construction industry scheme. That’s why we’re specialists. We know payroll inside out, so get in touch to discuss your outsourcing needs.
Interested in learning more? Find an accounting package that works for you.
What are you waiting for?
We’re so excited to work with you and your business – let’s talk whenever you’re ready.
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“They have helped me completely transform the way I run the finances”
“If you need accountancy services, look no further. I could not recommend Lumin any more highly. They have helped me completely transform the way I run the finances in my business and have helped me build my confidence in knowing the numbers.”
-Harri Halvon-Hardy
FAQs
What is the benefit of using an outsourced payroll company?
Using an outsourced payroll company offers several key benefits:
- Time and Cost Savings: Save time and reduce costs by eliminating the need for in-house payroll staff and software.
- Expert Compliance: Payroll services ensure that you comply with the latest tax laws, pension regulations, and employment legislation, reducing the risk of penalties.
- Accuracy: Outsourced providers have the expertise to ensure your employees are paid accurately and on time, including calculating tax, deductions, and National Insurance contributions.
- Confidentiality and Security: Professional payroll services maintain strict data security protocols, ensuring your employees’ financial details are protected.
What is the difference between insourcing and outsourcing payroll?
The main difference between insourcing and outsourcing payroll lies in who manages the payroll function:
Insourcing Payroll: This means handling payroll internally within your business. You or your in-house team are responsible for calculating wages, deductions, tax, and ensuring compliance with employment laws. While this provides full control, it can be time-consuming and requires specialised knowledge to avoid errors and penalties.
Outsourcing Payroll: This involves hiring an external payroll provider, such as Lumin Accountancy, to manage the entire payroll process. Outsourcing ensures that experts handle your payroll, staying up-to-date with changing regulations and deadlines, reducing the risk of errors and compliance issues. It saves time and allows you to focus on running your business.
How does outsourcing improve business performance?
Outsourcing can significantly improve business performance in several ways:
- Increased Efficiency: Delegating non-core tasks (e.g. payroll, IT) enables your team to focus on growth and innovation.
- Access to Expertise: Gain specialist skills and knowledge, ensuring higher-quality work.
- Cost Savings: Reduce overheads by avoiding the costs of recruitment, training, and maintaining a large in-house team.
- Risk Reduction: Experts stay current with regulations, minimising compliance and financial errors.
- Improved Focus: Free up internal resources to concentrate on strategic priorities and core business activities.
Is outsourcing payroll cost effective ?
Yes, outsourcing payroll is often more cost-effective than handling it in-house. Here’s why:
- Lower Costs: You save money on hiring, training, and maintaining an in-house payroll team.
- Fewer Mistakes: Experts handle payroll, reducing costly errors and penalties.
- Saves Time: Your team can focus on more important tasks, improving overall efficiency.
- Scalable: As your business grows, outsourcing lets you expand easily without extra costs.
- Staying Compliant: A payroll provider keeps up with changing tax laws, ensuring you stay compliant.
What to consider when outsourcing payroll ?
When outsourcing payroll, consider the following:
- Experience: Select a provider with expertise in payroll and up-to-date knowledge of tax laws.
- Cost: Ensure pricing is competitive and aligns with your budget without compromising on accuracy.
- Security: Confirm robust data protection is in place to safeguard employee information.
- Reliability: Choose a provider known for accurate, timely payroll delivery.
- Scalability: Make sure they can support your growth and handle more employees as needed.
- Customer Support: Opt for a provider offering responsive, helpful support for any payroll issues.
How does outsourced payroll work in the UK ?
In the UK, outsourced payroll works by hiring an external provider to handle all payroll tasks on your behalf. Here’s how it typically works:
- Provide Employee Information: You provide the payroll provider with employee details, including salaries, tax codes, benefits, and working hours.
- Payroll Calculation: The provider calculates wages and deductions (like tax, National Insurance, and pensions), and ensures compliance with UK tax laws.
- Payslips and Payments: The provider generates and distributes payslips to employees and arranges payments to staff, ensuring everything is paid on time.
- HMRC Reporting: The provider submits the necessary tax and compliance documents, like PAYE and RTI (Real Time Information), directly to HMRC.
- Ongoing Support: The provider handles any payroll-related queries and adjustments, staying up to date with changing regulations.
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