With the 2023/24 tax year fast approaching, now is the perfect time for business owners, without the necessary time or expertise, to consider transferring their payroll to Price Bailey, or moving from their existing provider. At Price Bailey we can fully manage the payroll process, payments and pension obligations for you.
Our Payroll team has over 120 years’ payroll experience, and has in-depth knowledge of payroll related tax and national insurance laws, employment regulations, and government legislation affecting both UK and overseas staff. Our outsourced payroll service is completely tailored to your needs, with access to our online portal and you can rest assured, knowing that everything is being taking care of securely and confidentially, to the highest standard.
Our current client base have been with us for an average of 7 years and around a third of our clients have been with us for 10 or more years, and, in 2022 we worked with clients in 21 countries, but don’t just take our word for it! You can read some of our payroll client case studies to find out more.
Here is the feedback from one of our clients:
Carolyn Liddiard, Finance Director, Invictus Games Foundation:
“By outsourcing our payroll to Price Bailey, who are experts in this field, I know that it is taken care of to the highest standard. Payroll information is always provided to me on a timely basis through a secure system to enable it to be reviewed prior to the pay date. New joiners and leavers are actioned as needed, and changes to pay are always put through accurately. All our employees trust that their pay is correct.”
Outsourcing different operations within businesses has become widely accepted across the globe, and since 2019 61% of UK businesses have been outsourcing their payroll processes, with even more estimated to have joined the growing trend since the end of furlough and the Pandemic. The latest intricacies of payroll laws, exemplified by changing holiday pay rules, can be daunting to many businesses. Failure to submit returns promptly or adhere to the most recent holiday pay regulations can also result in costly errors to businesses. Outsourcing your payroll to us can mitigate these risks.
Other benefits include:
Outsourcing payroll can save time and resources for businesses, allowing them to focus on core areas and revenue generation. As your business grows, outsourcing payroll to flexible and bespoke providers can adapt to changing needs, including different payment frequencies, employee benefits, pension schemes, and the management of international payroll.
Choosing to outsource payroll is a cost-effective option compared to in-house processing, as it eliminates the need for employment, training, software, and equipment costs. Additionally, outsourcing can reduce overall costs, especially for those who only require limited hours of payroll work.
Outsourcing payroll ensures compliance with current legislation, which is important not only for UK businesses, but also for overseas groups with UK subsidiaries. This also mitigates costly errors caused by not adhering to regulations, such as changing holiday pay rules.
To put some perspective into the complexity of payroll and pensions, there have been 14 major legislative and regulatory changes within payroll over the past decade, compared to 8 in the previous 74 years. We provide for continuous professional development of our staff using ACT, which is powered by The Payroll Centre.
To find out more about working with payroll providers using The Payroll Centre, you can contact Phil Cass, TPC’s National ACT Client Relationship Manager using the contact details below.
As part of a comprehensive and reliable service, your provider should give all employees access to a secure portal where they can view their payroll records online 24/7.
Dependable providers should also have high security standards. They should provide regular training to their staff and perhaps undergo audits to maintain quality control.
We also offer a joined up service with our own in house employment lawyers, who can help you with HR and employment law related matters, including contracts, of employment, manuals and grievance procedures.
This article was written by Stuart Curtis, Price Bailey Partner and Head of our Payroll team. To find out more about how outsourcing your payroll can be of benefit to you, you can contact a member of our Payroll team using the form below.
We always recommend that you seek advice from a suitably qualified adviser before taking any action. The information in this article only serves as a guide and no responsibility for loss occasioned by any person acting or refraining from action as a result of this material can be accepted by the authors or the firm.
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