The Revenue believes that they can ‘nudge’ people into abandoning claims for tax credits. Without support from a professional adviser, it might be easy for their psychological tactics to get the better of you.
Employers increasingly have to balance a number of criteria in order to be compliant while meeting the needs and expectations of their workforce.
The creation of the Office of Tax Simplification should have made tax... well, a little simpler. When it comes to allowances, however, things have actually become more complicated.
Do you look forward to the ongoing task of preparing and processing your payroll? Are the following examples of the problem areas you regularly encounter?
- Incorrect timesheets or expenses
- Understanding statutory calculations
- Employee queries
- Too tight deadlines
- Pointless administration
- Reworking of data
- Changing management information needs
- Meeting online filing requirements
If these are familiar challenges you face, what actions can be taken to improve the overall payroll process?
For many employers, payroll is seen merely as a tool for ensuring that employees are paid the correct amounts on time. Whilst this is the most important aspect, payroll processing can also generate opportunities for the wider business in terms of financial and management reporting as well as improving the information flow to meet HM Revenue and Customs (HMRC) requirements.
“Good governance is all about the effectiveness of the board. The world in which we operate does not stand still and boards need to continually challenge themselves to ensure that the desired outcomes are being achieved in an ethical manner with the optimum use of resources.”