Get your payroll right with modern accounting software

HMRC have stepped up the number of suspected non-compliance investigations by 13% since 2014, with small business owners coming under particular scrutiny.

Proven allegations can result in fines up to 30% of the amount due, so it’s vital to clarify your finances using accounting software, such as Xero, taking the hassle out of your payroll.

What accounting software can do for your payroll

Your company and individual employee details (including pay rate and tax code) will all be saved after initial input, enabling automated sums, ready for you when you come to run payroll in future.

• The software will report your PAYE and NI to HMRC in real time, satisfying business requirements and updating your user interface to keep you informed.
• HMRC require a formal reason for any late RTI (Real Time Information) payment. The software will prompt you to provide a reason from a dropdown menu provided by HMRC, which will then be sent with the following payroll.
• If you still need to make a payroll submission for the previous year, the software will automatically dispatch an ‘Earlier Year Update’ the next time payroll is run.
• If you find that HMRC owe you a PAYE and NI repayment, then this can be automatically submitted to your company bank account.

And best of all, the software is shared with your accountant in real time, giving you access to professional support whenever you need it.

If you’re a small business owner and want professional advice and assistance to help manage your payroll, contact our expert team today!