Having worked in practice for many years im finally about to set up on my own (after quitting my job). The main work will be bookkeeping and general admin but one thing that concerns me is that I have little experience of payroll preparation. Do people think this is a big issue? Has anyone else been in this situation and how did they resolve it?
Quite a few people outsource their payroll completely as to be honest it's more hassel than it's worth.
Many micro entities don't have a payroll.
One man limiteds are quite simple. Just use something like 12pay (you will need to be set up for online filing of course).
Good luck with the new venture Tony.
Don't forget that you will need MLR cover plus PII is advisable.
All the best,
Shaun.
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Shaun
Responses are not meant as a substitute for professional advice. Answers are intended as outline only the advice of a qualified professional with access to all relevant information should be sought before acting on any response given.
Welcome to the site Tony.
All the above that Shaun say, plus how about trying an online payroll course to see if you take to it/help provide it for the Director only payroll businesses. There have been quite a few comments on here signing the praises of short payroll course via Groupon - not had the experience of them myself, but might be worth it as a starter. Moneysoft and 12pay are good software. Some people on here use HMRCs downloadable free version - I wouldnt touch it, more hassle than its worth and doesnt produce payslips.
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Joanne
Winner of Bookkeeper of the Year 2015, 2016 & 2017
Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.
You should check out answers with reference to the legal position
Thank you both for your comments. Just had a look at the Groupon payroll course and that looked like it would of been ideal for the price. Think I will have to do a bit more research on outsourcing and courses available!
I didnt have any payroll experience as come from an accounts and tax background and outsourced all payroll work.
Most of my payrolls are 1/2 man band limited companies putting through either £8060 or £10600 for the year. I now do all these myself as once you have set up on Moneysoft it is a click of a button to do the RTI submission and run payslip and payroll reports to send to clients each month.
Any clients that have genuine employees I outsource these. Have about 8 of these.
As said above find one of the groupon payroll courses as they go over all the basics that you need to know though they do tend to sell out pretty quick so you need to keep an eye open for them.
If you are going to be doing the payroll for employees, make sure you find out about auto enrolment. Companies with less than 30 employees will find themselves having to provide a pension within the next 3 years, starting from 1st June 2015.
The best place to start imo is the Pension Regulators website. http://www.thepensionsregulator.gov.uk/
If you can get your head round it, it'll be a useful service to offer your clients, or alternatively you can outsource payroll.
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John
Any advice given is for general guidance and professional advice should be sought applicable to your circumstances.
