Pay Check Limited

As a business owner, there is so much legislation with which you have to keep up these days. Forty or fifty years ago, if you wanted to start up in business you did just that. As long as you paid the appropriate taxes at the end of the year, that was it, and everyone was happy. But today, business owners have many more things to deal with that have become law. Obviously, as business starts to expand it will need to take on employees and that means running payroll. That, of course, was always the case, but today payroll is far more complex than it used to be, particularly since the introduction of Real Time Information in 2013, which means that businesses now have to deal with taxes and reporting every time an employee is paid. However, we now also have the auto enrolment pension schemes. Payroll is difficult enough, but auto enrolment pensions are another burden on top for nearly all businesses. You have to automatically enrol eligible employees into your pension scheme. Whether th...

When you start out in business on your own, in nearly all cases there will just be you and perhaps a partner or two, but if the business gets off the ground successfully, in a few months’ time you will need to start taking on employees. To begin with, it will probably be just one employee and that may be to assist with the office work, or perhaps as a salesman or woman. A little later on, you will probably take on another employee, and then more as your business expands. When you take on an employee you immediately walk into a bunch of regulations both in regards to taxes and your pension scheme. If your employee is eligible, and most are, you will have to set up a pension scheme and contribute to it. You may need your accountant to assist you with this. However, when it comes to payroll, you can probably manage to deal with all the paperwork when you only have one or two employees. Spending ½ day per week or more on payrol However, your business expands further, and suddenly y...