Companies can prepare themselves for forthcoming National Insurance changes and free up valuable time to grow their businesses by turning to external payroll experts.
From April, employers’ National Insurance rates will increase from 13.8 per cent to 15 per cent and the employer National Insurance Contributions (NICs) threshold will drop from £9,100 to £5,000 annually which means more employers will become eligible to pay NICs.
The news has prompted many firms to turn to the likes of award-winning Rushden accountancy firm Elsby & Co for help and guidance.
Elsby & Co Payroll Portfolio Manager Katie Newman said: “We’ve provided numerous clients with budget calculations because these changes will mean it will cost them more to process payroll in terms of what they’re going to have to pay in terms of liabilities. We’ve been able to give our clients a good idea of how much more payroll is going to cost them and help them to budget from a company perspective.”
Another change on the horizon, which Elsby’s payroll team is helping clients to prepare for, is the move to make the payrolling of benefits compulsory from April 2026 which will do away with P11Ds. All payrolled benefits will have to be included on the Full Payment Submission sent to HMRC on or before each pay day and companies may have to amend their existing payroll system or keep a separate record of each benefit for auditing purposes.
Katie said: “Helping companies to manage changes like these is one of the reasons why so many businesses – from director-only businesses to large companies with more than 100 employees – ask us to manage their payroll service. We’re experts in the field, we know what changes are coming up and we help our clients to proactively manage those changes.”
“Businesses also want us to manage their payroll because we provide them with a comprehensive, risk-free, secure service which keeps them compliant with all the latest regulations. Essentially, we take away the stress and often hugely time-consuming task of administering payroll for companies, freeing up valuable time for them that they can use to focus on expanding their business further.”
Elsby’s payroll service includes the completion of weekly or monthly statutory forms for HMRC under the Real Time Information regime, customised payslips, summaries and analyses of staff costs, CIS returns, notifications of tax liabilities and the administration of incentive schemes, bonuses, ex-gratia and termination payments, PAYE, national insurance, statutory sick pay and statutory maternity pay.
For further information about Elsby & Co’s payroll service contact help@elsbyandco.co.uk or 01933 312950 or visit Payroll Services Northampton | Elsby & Co