Payroll is often the largest overhead paid out by a business each month. So it is vital that an efficient, accurate Payroll run on the date required by a business with all the necessary adjustments and additions, is available. In April 2013 a system of Real Time Information (RTI) was introduced to all UK payrolls for filing with HMRC. This required payroll bureaux to file PAYE/NI returns monthly instead of the previous annual returns. This system is now fully operational. Bookkeeping Synergy uses Xero software for their cloud software and therefore uses the Xero Payroll function. Each employee is given a login to My Payroll where they can view/download their payslips and any other notification required ie P60 at the end of the tax year or P45 when they leave that particular employment. All businesses are now required to register with The Pension Regulator for Auto Enrolment. www.thepensionsregulator.gov.uk.
What is Auto-Enrolment you ask? Auto Enrolment is a government initiative and requires every employer of staff normally working in the UK to put their qualifying staff into a workplace pension scheme and to make contributions towards their employee’s pension. A workplace pension is a savings plan that is arranged by your employer to help you put money aside for later in life. It is also known as an occupational pension or a work-based pension. Typically, the employer will also contribute to the pension scheme for you, and so will the government in the form of tax relief.
Bookkeeping Synergy partners with Smart Pensions to offer pension services https://www.autoenrolment.co.uk/brochures
Welcome to Bookkeeping Synergy, we are a team of professional, certified bookkeepers, offering cloud bookkeeping services for micro, small, and medium-sized businesses in Horley.
Our approach is practical and friendly and provides our clients with the information necessary to better understand their business and make well-informed business decisions.
One of the benefits of choosing Bookkeeping Synergy as your preferred bookkeeping service is that all our bookkeepers are local, experienced and have grown a passion for building relationships with local businesses.
We continually carry out reviews of your account to ensure that your business operations are run in the most tax-efficient manner.
Xero describes itself as 'beautiful accounting software' - we agree! It has brought our work right up to date with current technology and pressing forward. Try their mobile app, daily Bank Feeds, and integrations - your former idea of bookkeeping will be turned up side down!