Events of the past year or so have taught us not only how quickly things can change, but also that change is inevitable. Even a successful, profitable practice has to have robust systems in place that are flexible enough to deal with bumps in the road.
So, as we ease into a more hopeful era, is now the time to outsource payroll?
Furlough, remote working, irregular schedules and changes to legislation will make payroll more complex – despite all these challenging factors and more, people must be paid accurately, and on time. Add in elements like employee benefits, pensions and the like and we see how payroll goes way beyond wages.
If the changes to off-payroll working (IR35) that came into force after April 6, 2021 haven’t affected you so far, you will need to ensure you identify any new contractors who are working through a limited company, so they can be added to payroll, as per the new rules. Compliance to IR35 is going to be a key focus for HMRC, so don’t get caught out. There is information available on the government website, but if you outsource payroll, this will all be taken care of.
Other changes that have complicated payroll since 2020 include employment allowance (EA) increasing for eligible businesses, allowing them to reduce their NICs liability (subject to certain conditions), and new tax-rates for company cars first registered at any time from April 6, 2020, to encourage the use of low or no-emission vehicles. These are just a few examples; outsourcing now will get you ahead of the curve, as well as free up time to concentrate on business development. Another huge benefit of outsourcing is that a premium provider will have access to the latest technology, so not only will upscaling be easier, but you will have peace of mind that personal data is being kept secure. Things like E-payslips rather than paper are great for your green credentials too. Again, this is about getting ahead of change, rather than having change forced upon you.
Don’t go with the flow – take control!
A premium provider like Wagemate manages payrolls for all sizes of dental practice, letting them get on with the day-to-day. The latest measures and rules will be accounted for and people will always be paid accurately – if anything changes, Wagemate’s experts will also let you know how it could impact on your business.
If the going’s good, get ahead! Don’t just “go with the flow” – now is the time to take control. It’s about learning from the past and looking forward and saving yourself hassle and stress, a benefit that cannot be overestimated! To prepare for an unexpected future, outsourcing payroll could be a good place to start.
For more information call 03330 102102 or email firstname.lastname@example.org