ENSURING staff wages are accurate and paid on time is a vital process for bosses to help ensure they maintain a happy workforce.
The introduction of Real Time Information (RTI) on 6 April, means that businesses will be required to report all PAYE information to HM Revenue & Customs (HMRC) in real time to help make the process run smoothly.
The new system means that employers will have to submit accurate details about their employees to HMRC including their address, date of birth, National Insurance details and student loan deductions.
Not only has it been vital for businesses to prepare for the new regulations, which come into force next Saturday (6 April), but accountancy firms have also been working hard to help clients prepare their payroll for change.
SBP Chartered Accountants and Business Advisors – which has offices in Aberdeen, Peterhead, Fraserburgh and Banff – has strengthened its business services department at its Peterhead base in preparation for the new guidelines, by strengthening its payroll department.
The new team includes payroll assistants Lisa Hannah, Yasmin Strachan, Devon Simpson and Stacey Gibson, who are fully trained to give expert advice on a range of client queries, including RTI.
Stacey, who recently joined the company, has six years payroll experience and is an expert in SAGE. She will also deal with bookkeeping and accounts production.
SBP managing partner, John Hannah, said: “We made the decision to strengthen the business services department with the creation of the payroll team to accommodate company growth, and the structure of the new department has definitely helped prepare us for the new RTI regulations which come into effect on 6th April.
“The restructure also ensures that we have a bigger team of experts on hand to answer client queries on any forthcoming HMRC changes.”
SBP Chartered Accountants and Business Advisors has more than 30 staff at its four branches in the North-east.
The firm offers a variety of business and accountancy services, including personal and business taxation, as well as a dedicated business services department to cover everything including bookkeeping, VAT and payroll requirements.
For more information visit www.sbp-ca.co.uk