Prominent Midlands accountancy firm, Salhan Accountants, is warning businesses to be wary of the dangers of not updating their payroll regularly.
In the last few months, businesses have had to deal with significant changes to the National Minimum and Living Wage, contributions to workplace pensions and new rules relating to employee wage slips.
Salhan Accountants is worried that the recent amendments to the rules could leave many employers open to investigation and fines.
The Government has considerably stepped up its efforts in the last few years to crack down on employers who fail to meet the regulations and now regularly publishes a list of employers who have failed to pay the correct wage, in an attempt to name and shame them.
Those in breach of the rules could also face substantial fines, as well as being required to pay back any amounts owed to staff members.
Dr Anjulika Salhan, a Director at Salhan Accountants, said: “The changes to workplace pensions and minimum wages are just the latest measures introduced to payroll that employers are getting to grips with.
“Payroll compliance is an area where employers cannot afford to let things slip. Failure to meet your responsibilities can lead to substantial penalties and businesses run the risk of being publicly named and shamed, which could have a significant impact on their reputation.”
Anjulika also reminded employers to make the correct deductions for Income Tax, National Insurance, Student Loan contributions and items such as season ticket loan repayments.
She said: “The payroll process can be time-consuming and a considerable source of stress for business owners, which is why outsourcing payroll functions can offer businesses much more time and resources that can be invested in growing the business.”
To find out more about Salhan Accountants payroll services, please visit salhanaccountants.co.uk