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According to information published by the HMRC, businesses have been lying about their tax affairs. To address this issue, the HMRC has issued fines amounting to almost £22m for businesses deliberately lying about how much tax they owe. Melanie Pizzey, the CEO and founder of the Global Payroll Association, opines that cutting corners and neglecting tax obligations is no way to find success in business. Learn more: https://heyor.ca/R3lRz5 #Business #Payroll #Tax #Taxes #TaxObligations #HMRC

Did you know that payroll fraud costs companies an average of £40,000 every time it happens? Plus, an average payroll fraud usually takes 18 months to detect. The Global Payroll Association analysed occupational fraud data to analyse how long a case can go on without detection, how much it costs the victim organisation, and how frequently it occurs. Here's what you need to know: https://heyor.ca/o9JDGP #Payroll #PayrollFraud #Insights

Last week, we talked about the devastating effects of the recent major Microsoft IT outage. Clearly, every link in the payroll supply chain experienced difficulties. However, amidst the aftermath of these challenges, what aspects should business owners take note of? 🔸 Business owners may need to rethink their business continuity plans (BCP) so that they have a specific focus on payroll. 🔸 Businesses have to strike the right balance between automation and manual processes. More: https://heyor.ca/trBCuf #Business #Payroll #Microsoft #BCP #BusinessContinuityPlan

If you're looking for a payroll solution that's hassle-free and straightforward, then we recommend you try NXSYS. We've installed some amazing features that will not only simplify payroll processes for you but also help you stay compliant. Experience a simple, clear, and efficient payroll process with NXSYS: https://heyor.ca/ONmvhx #NXSYS #Payroll #PayrollSoftware

As a small business, how do you manage your payroll? Payroll administration is the epicentre of any business. Getting it wrong can attract damaging consequences such as undermining staff morale, causing problems with tax authorities, and hindering accurate accounting and financial reporting. Businesses have a responsibility to pay employees' salaries accurately and on time. This includes complying and paying the correct tax, NI, or any other deductions, of course. Some main payroll administration tasks include: 🔹 Reporting and paying tax to HMRC 🔹 Maintaining a consistent payroll schedule 🔹 Using reliable payroll software such as NXSYS 🔹 Collecting employee information More: https://heyor.ca/OUraye #Payroll #PayrollAdministration

The amount you pay your employees is one of the important decisions you make as a small business owner. However, striking a balance between aspects such as profit margins, employees' roles, and their impact on your business can prove to be challenging. The solution? A pay review process can help you decide on this process. Here are tips on how to prepare and conduct an employee pay review: https://heyor.ca/ZPs6oT #PayReview #PerformanceReview #EmployeePayReview

In what can be termed as a 'major' Microsoft IT outage, major institutions globally were unable to access payroll a few months ago. The IT giant suffered a worldwide glitch, which affected various companies' payrolls and their ability to pay employees. Additionally, businesses experienced a backlog in processing payroll, which delayed employees from receiving their weekly and monthly wages. Learn more about this story here: https://heyor.ca/H0uVhf #Payroll #Microsoft #IT

If you've been thinking about switching to cloud-based payroll processing, then this is your sign to do so! So, why switch to cloud-based payroll processing? Well, you gain more flexibility in features and cost, and in general, your business will have better options when it comes to payroll management. This includes scalability, meeting compliance requirements, going paperless, and so much more. A great place to start is by checking out our most connected payroll platform that utilises cloud processing: https://heyor.ca/ONmvhx #NXSYS #CloudProcessing #Payroll

Did you know that payroll errors impact a quarter of all UK employees? According to research from The Global Payroll Association (GPA), a quarter of all PAYE employees have received an incorrect pay cheque at least once. And in half of the cases, their payroll department took longer than a week to correct the mistake. See more here: https://heyor.ca/ECTl2c If you're looking for payroll software that ensures little to no errors in your payroll, contact NSXYS for more information. #Payroll #NXSYS #PAYE #PayrollErrors

Quick question…did your 2023/24 share plan reporting uncover any payroll withholding errors? It's not unusual to find payroll errors when completing year-end employment-related securities returns. But where do these errors come from? Here are some bits of information from the KPMG on where payroll withholding errors can arise: - When the employer doesn't realise that income tax charges arose with respect to employment-related shares. - The employer isn't aware that a share-based award is valued differently for UK tax purposes compared to the grantor's home jurisdiction, and the UK tax implications are overlooked. Learn more here: https://heyor.ca/m12XzI #Payroll #PayrollErrors