Penny & Pounds

Payroll

Penny & Pounds provides payroll services designed to assist small and medium-sized businesses in managing staff payments efficiently. Ensuring that employees are paid correctly and in compliance with legal requirements can be time-consuming and challenging. That’s where Penny & Pounds steps in, taking on the workload to ensure your employees are paid accurately and on time.
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Pay Employees Accurately and Efficiently

Managing finances effectively can be particularly challenging for small businesses or those just starting out. Finding the best system to pay employees while keeping costs low is crucial. At Penny & Pounds, we believe we provide the most effective financial solutions to help you reduce bookkeeping expenses. With our years of experience, we can manage your accounts without the need for a full-time accountant, allowing you to focus on growing your business.

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The primary purpose of payroll is to ensure employees are compensated accurately while complying with HMRC regulations regarding tax deductions. Payroll systems guarantee that your employees receive their payments on the correct dates, relieving them of financial stress. We equip you with the necessary tools and plans to organise timely payments. Additionally, we facilitate the production of year-end employment records for your employees. Our financial reports are straightforward and easy to understand, ensuring you can tackle any payroll concerns without confusion.

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Employers are responsible for deducting the correct amount of tax from their employees' wages and submitting these deductions to HMRC on the specified dates. To demonstrate compliance with tax regulations, it's essential to file regular reports that confirm the accuracy of employee payments and tax deductions. Typically, these reports are submitted every payday.

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Ensuring accuracy in payroll is vital for timely employee compensation and proper tax payments to HMRC. By getting payroll right, you can avoid costly errors and maintain a positive relationship with your employees while fulfilling your legal obligations.

"Just recently found Penny and Pounds, Andy did a great job for me. Would recommend them to all businesses."
David

Frequently asked questions.

If you have any further questions don't hesitate to reach out to us, we're always on hand to help.

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What does payroll mean for small business?

Payroll systems are designed to guarantee that each employee receives the correct amount of pay on schedule and at the appropriate time. This process ensures compliance with contractual obligations and accurately deducts taxes and pension contributions. If you're considering establishing a payroll system to enhance your payment structure, please reach out to us by phone or email for more information. We can provide guidance on the best approach to set up an effective payment scheme.

What's involved in payroll compliance?

Your payroll must adhere to stringent government regulations. This includes ensuring that each employee receives the correct payment, with the appropriate deductions made from their wages. Taxes must be accurately filed and paid punctually each time, and every employee must be provided with a payslip detailing all relevant information.

What are payroll deductions?

Most employees have deductions taken from their pay each week or month before they receive their actual earnings. These deductions can include taxes owed to HMRC, child maintenance payments, and contributions to pension schemes, whether established by the employer or the employee.

Why choose us?

By utilising our payroll services, we alleviate the stress of ensuring your employees are paid accurately, and we also provide payslips. Our payroll service in North Yorkshire is unparalleled, and we have been supporting business needs for many years. If you're searching for a local accountancy firm in Redcar that offers expert advice and assistance, don't hesitate to get in touch. We invite you to contact us for a friendly chat about your business needs or any information and guidance you may require. Our professional accountants are ready to assist you from our office in the Redcar area of North Yorkshire.

Penny & Pounds