Effective ways to use Payroll and accounting systems for a business

Payroll is an essential part of any organisation. The payroll department are responsible for employee's salary, but also the protection of the company's reputation. This is because they have to ensure the company is compliance with the various legislation.

With doctors working at hospitals, we are familiar with the obstacle of claiming tax refunds, National Insurance contributions and how to keep the tax bill overall to a minimum.Having said this, it is acknowledged that there are differences in tax rules and regulations for personal expenses for salaried doctors and to those who are self-employed consultants.

Corporation Tax Self Assessment for private GP PractitionersCorporation Tax typically applies to profits made by limited companies, members’ clubs and to trade and housing associations.Tax Rates:FY 2016: 20% FY 2017: 19%

Submissions:The submission must include the company’s Self Assessment return alongside details of any trade and other losses such as capital losses. A company has a right to amend its return, including the Self Assessment within 12 months from the statutory filing date.

Keeping RecordsThe background records that must be kept include but are not limited to the following details of the company’s:? 'capital expenditure' such as the purchase and sale or disposal of company assets, equipment, office furniture and vehicles;? liabilities (money it is due to pay people and other businesses);? income and expenditure (e.g.: sales and purchases);? stock, if any, on hand at the end of each financial year;? receipts and expenses;? all relevant supporting documentation.

Payroll:

1. Company's Managament and Reputation

The financial responsibily of every company is to make sure that their payroll activities stick to the country's tax obligations and follow the employment legislations. If a company is well organised and is meeting the tax obligations, it would form a high reputation as a stable employer. Thus attracting more clients and talent.

2. Compensation Package

It also allows employees to feel their net worth within the company. As payroll is based on the annual performance of employees, which can be rewarded with a increased salary or bonus. In theory this boosts the performance for which they are rewarded for their efforts leaning to the further development of the company. 3. Morale of Your Employees

Payroll plays a critical impact on the morale of the employees, as it ensures that the employees would get paid on time. Without them having any doubts of what day they are going to be paid. As late or inaccurate payroll could lead to employees questioning the stability of the company, therefore compromising the working environment resulting in underperformance or ignorant behaviour in the company.

4. Distribution of Resources

As many accountants may know payroll comes with a large amount of paperwork and excel calculations with can be very time consuming. Payroll performed regularly; therefore additional resourcing is needed to make sure that the payroll calculations are accurate and precise. However, this can be solved by engaging in a payroll system. A payroll software system allows the data to be organized to generate customised reports. In addition a payroll software system helps track the hours, wages, deductions and withholding taxes, printing and delivering of checks and paying employment taxes to the government. As payroll systems are up to date with the latest legislative changes; not needing to worry about an overhaul on their present payroll system.

As medic accountants we understand the tax laws and regulations which to some can be very complicated we can help make the payroll process transparent and easy. Helping you avoid penalties and reduce the risks of audits. Our services are affordable, flexible and have the knowledge to help maximise your returns. Tax laws are always changing and we don't want you to get caught in it, our staff will give you updates on the latest laws and we would also offer recommendations thought out the years to help intensify your tax cost savings.

http://medicumbrella.co.uk/

Http://medicumbrella.co.uk/ We are qualified and experienced medic accountants and business advisors who have been in general practice for over 20 years