BUSINESS INFORMATION SHEETS > FINANCE > ACCOUNTING > Payroll (FI 13)
Running like clockwork
Payroll is a crucial part of your operations. The government requires you to collect tax and National Insurance (NI) under the PAYE system, and imposes penalties for failure.
The many complications include processing statutory sick pay, statutory maternity pay, pension contributions, family tax credit and personal details such as personal loans and student loans. But few employees will tolerate being paid late or incorrectly.
This briefing explains:
- The functions every payroll has to perform.
- How to manage your payroll.
- The pitfalls.
- How to use payroll information to improve your business.
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