You're in business. It's expanding. You need somebody to help you keep on top of the work. You need to employ an assistant. Congratulations, your business is doing well!
Employing people is not as simple as it appears. There is the recruitment process, setting up a payroll, reporting to HM Revenue & Customs and deducting and paying over income tax and National Insurance contributions for your employees.
Acorn Accounting can't help with recruitment, but we can help with the rest, starting with Contracts of Employment. We can create a Contract of Employment for your business tailored to your specific requirements whilst still meeting general legal provisions.
We can set up a payroll system for you, but it might be more efficient for us to look after the payroll for you, as we do for a number of our clients. We take care of setting up the payroll, calculating wages and deductions, reporting to HM Revenue & Customs and keeping you up to date with payments of tax and National Insurance (you make the payments, however).
Since April 2013, all businesses must report regularly to HM revenue & Customs through RTI. There are penalties for missing any report deadline. At Acorn Accounting we use payroll software that helps ensure that we keep on top of the reporting and avoid the penalties. That's one less worry for you.
Our payroll service is geared to ensure that everything is done on time and that you can run your business without worrying that you might miss a payday deadline - we'll make sure you don't.
If you're in a building trade and employ sub-contractors you will come within the Construction Industry Scheme (CIS).
You will be required to verify the sub-contractors you employ, deduct tax from your payments to them at the correct rate and report monthly to HM Revenue & Customs. Miss the reporting deadline and you will face an automatic penalty. You will also have to pay the tax deducted to HM Revenue & Customs.
Acorn Accounting can take care of the administration of CIS for you, leaving you free to take care of running your business. We can produce relevant payment certificates for your sub-contractors each month and will post them direct to each sub-contractor. We will also produce the monthly CIS report for HM Revenue & Customs and tell you how much you need to pay to them.
To discuss our comprehensive payroll services and CIS administration support, call us on 01592 769769.