UK Tax Payers Receive Extra £600

Aug. 29, 2008 - PRLog -- Outsource Your Payroll Nightmare to the experts

Employers across the country are beginning to prepare for the introduction of the Chancellors much-awaited change to the tax law. Anyone doing the payroll will be affected. Tax codes will change, tax allowances will change and it’s all because they tried to whip the 10% rate of tax away – hoping no-one would notice.

The burden of doing the payroll has become horrendous for many small businesses. Sick pay, maternity pay, paternity pay, tax credits, pension provision, year end returns, leavers & starters, minimum wage legislation, on-line filing requirements, are enough to make many a small business outsource this job to companies like Boogles Ltd, who have made it their speciality.

Trying to keep on top of the tax law can be tricky. The basic Personal Allowance for the 2008-09 tax year will increase by £600 from £5,435 to £6,035. At the same time the basic rate tax band (the amount of taxable income you can earn before paying higher rate tax) will reduce from £36,000 to £34,800. The minimum wage will increase across the board in October 2008, and the statutory holiday entitlement for UK workers will rise from 24 to 28 days in March 2009.

Lisa Newton, Director of Boogles Ltd, says: “There are a lot of changes to keep abreast of. When you are running a small business, there is a lot of red tape, and doing the payroll can be a weekly or monthly dreaded chore, so this is where we step in to help. Finding qualified payroll staff for a short time every month can be difficult, but when you outsource it, it can be cheaper, less stressful, and you just can then focus on your core activities – which is where your money is. After all, who wants to get the wages wrong for their staff? You could have a riot on their hands!”

Payroll is an ongoing cost of doing business, and getting it wrong is a disaster. What’s more, is that there are strict deadlines for when the Inland Revenue need to receive their payments and forms, and stiff penalties apply when these deadlines are missed.

Highlights in the payroll calendar are:
·   Monthly or Quarterly: Paying the tax and national insurance collected – over to the Inland Revenue.
·   19 May: Ensuring the p35 is filed with the Inland Revenue. And getting out p60s to the staff.
·   6 July: Ensuring p11d’s are completed and filed.
·   Ongoing, throughout the year: p14. Keeping an accurate track of the employees work record.

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Boogles Ltd is primarily a bookkeeping company and is being franchised throughout the UK. They also do: Boogles Kids Club, Courses in money, bookkeeping training and legal bookkeeping for solicitors and lawyers. And payroll for companies across the UK.