What is Payroll?

‘Payroll’ refers to the sum of money used to pay the employees of your business for a given period of time. For example, many businesses pay their workers monthly – some pay them weekly.

A good payroll system will keep an accurate record of hours worked and wages earned, as well as records of employment-related taxes and other deductions.

Under legislation put into place in 2013, you are required to submit information electronically to HMRC every time you pay your employees.

Why is Payroll important?

When an employee agrees to work for an employer, a sense of trust is established between both parties. The employer trusts the employee to perform the job they were hired to do to the best of their ability, and the employee trusts the employer to pay them an appropriate wage on a regular basis.

As an employer, it is your duty to make sure your employees are paid the correct amount of money at the right time of the month. Failure to do so could very well result in legal action being taken against yourself, as well as establishing yourself a poor reputation as an employer.

Being paid on time helps to keep employee morale high, meaning your workforce will be more productive.

Why should Infinity Accounting do your Payroll?

Infinity’s team has years of experience managing the payroll of all different types of businesses. We are well aware of the intricacies of an accurate payroll system – for example, have you taken the following factors into account?

• Insurance
• Holiday Pay
• Sick Pay
• Maternity/Paternity Pay

We’ll help you to summarise the information you have in order to create documents like the P45 (a form given to employees at the end of a period of employment, containing details regarding their tax code and gross pay, amongst other things) and the P60 (a statement issued to employees showing the tax they’ve paid in a given tax year.)

Our team is friendly and knowledgeable; they are able to answer any questions you might have.