Since 1998, the Chartered Institute of Payroll Professionals has celebrated National Payroll Week (NPW) to give recognition to all who work in payroll. Our Stevenage-based Payroll Outsourcing department shared what they love about the profession. #choosepayroll
How long have you worked in the profession and what experiences do you have?
We have 40 years of combined payroll experience, with Kasia Field (Payroll Manager) joining Wilder Coe in 2013 and Jessica Wright (Payroll Supervisor) in 2016. As highly motivated individuals, we pride ourselves on building strong relationships with colleagues and clients. We gained experience within various industries and payroll environments. We run differently sized payrolls and are fully responsible for many projects, including implementing new software and preparing clients for RTI and Auto Enrolment.
What are the benefits of outsourcing payroll, rather than doing it yourself?
There are many benefits to outsourcing your payroll. Many business owners will save costs and be more efficient in their day-to-day operations.
You can reduce overheads, save time, and improve accuracy by working closely with a provider. Partnering with a competent, reliable professional will ensure security, and confidentiality, and remove compliance risks.
Recognising the challenges of running payroll allows us to work closely with your business to guarantee that you have a supportive team that is always available, so you do not need to worry about in-house staff being absent. Also, payroll outsourcing ensures employers comply with all the relevant obligations of HMRC and The Pensions Regulator.
What is most important in payroll?
Nothing destroys morale more than getting employees to pay wrong or pay late.
If you make mistakes or miss deadlines, HMRC and The Pension Regulator impose penalties, so the employer could end up costing themselves more money. There are some things in life you can use an ‘improvised’ approach to but unfortunately, payroll is not one of them.
Getting things in order right from the beginning, and having a methodical approach will avoid getting into an awful mess.
What is pension auto-enrolment and why is it important for employers and employees?
Employers have a legal obligation to have in place a qualifying workplace pension scheme, automatically enrolling eligible staff into their scheme and making contributions towards it. Depending on the rules determined by the employer following auto-enrolment regulations, many employees must contribute to their pension scheme.
Auto-enrolment is a complex area, and errors can easily be made, which is why it is beneficial for employers to seek the services of experienced professionals such as payroll bureaus, like Wilder Coe, as well as pension advisors.
Auto-enrolment is designed so that employees have access to a workplace pension scheme, allowing them to save for their retirement and have extra income over and above their state pension.
Are there any other vital payroll matters that employers should know about?
Although there are many aspects surrounding payroll that must be considered, here are a couple that we are seeing more regularly:
- As an employer, it is crucial to pay employees at least the National Living Wage (NLW)/National Minimum Wage (NMW). This year’s NLW (National Living Wage) increase is the third-largest annual increase in history. If employers do not comply with this regulation, they could end up underpaying staff, facing government penalties, and causing reputational damage to their business.
- Due to Brexit and the pandemic, more employees are working remotely from all over the world. However, working overseas triggers various tax, social security, and other legal consequences for employers and employees. All these must be considered separately and that is why you must seek professional advice from tax advisors/accountants.
What makes Wilder Coe stand out from other outsourcing companies?
We are a friendly and approachable bunch, and our team are all motivated individuals who pride themselves on building strong relationships and will always go above and beyond to help clients.
Payroll is not a one-size-fits-all service. We treat all our clients individually and assess your business needs to deliver a bespoke package, giving you accurate, cost-effective solutions with no hidden charges.
If you want to discuss your payroll matters with our team, please call 020 7724 6060 or email us here.
