Saturday, 22 June 2013

How to Ensure ‘PAYE’ doesn’t make you Pay More Tax

Tax calculation is a major nightmare for if the recent HMRC report is to be believed; there have been about 2 million people who’ve ended up paying more. If that’s a sorry state of affairs then there’s even worse to follow. About 3.5 million have actually paid less tax due to PAYE miscalculations and the like. How is this tax deficit to be made up? The HMRC has a fairly simple policy, whatever tax you owe will be deducted from you this year. Hence, no matter how well you planned your tax returns or budget, you will have to now make allowances for paying more tax than you planned. Taxing isn’t it?

Given the fact that nowadays it is not so difficult to find accountants in London and the surrounding area, most people have opted for hiring accounting services. Even individuals have caught on the cheap accounting services trend, not to forget large and even small businesses. Any miscalculation in tax returns is bound to lead to a loss of time and money. Therefore, it is advisable to entrust looking after the accounts to those who have expertise and experience in it. PAYE has multiple aspects in it, which the layman may not be well versed with as is indicated below:

  • Submission of right documents within the stipulated time – thus, employing accounting services will save time and worry
  • Getting wage slips accurately ready
  • Ensuring the correct Payroll scheme is selected
  • Dealing with aspects like statutory sick pay, statutory maternity pay, redundancy and the like

  • Employees generally assume that whatever amount of tax is being paid through PAYE is the right amount. The shock comes in when they realize that their employer was deducting more or less. In the case of paying less tax, the burden generally increases on the employee who is forced to meet extra tax payments in the next financial year; and these are unplanned for expenses. Thus, cheap accounting services are a must for individuals as well as businesses.

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    Tuesday, 18 June 2013

    No Reservations – Outsourced Bookkeeping plays Business’ Fairy Godmother

    Once upon a time outsourcing one’s bookkeeping was a big thing. It was seen as expensive, at times risky, and altogether filled with too many ‘what-ifs’ to make it a palatable bargain when juxtaposed with an in-house accountant. How the times have changed can clearly be seen from the role switch outsourced bookkeeping has made from glowering goblin to beneficent fairy. This is most apparent in the promise of most accounting firm that offer their clients a reduction upto almost 40% in their administration and accounting cost by switching to the cheaper option – outsourced bookkeeping services

    How bookkeeping outsourcing can save time and money:
    • Outsourced bookkeeping services when handled by professionals will obviously provide you with accurate and up-to-date accounts whenever needed
    • It will help in cost reduction as far as administrative and accounting activity goes
    • Many firms provide double entry bookkeeping services which improve the accuracy of information
    • In outsource bookkeeping you also have the choice of having an on as well as off site team
    • Not many business professionals will be familiar with cloud bookkeeping which like double entry bookkeeping, helps keep things better organized
    • Some outsource bookkeeping providers also help in the analysis and maintenance of transactions pertaining to Cash/Bank or Credit Cards
    • Bookkeeping outsourcing should also include services like sales invoicing, VAT returns, debtors listing, sales ledger and debt collection and, cash as well as cheque allocations if you intend to get the best out of a firm’s services.
    Thus, outsourced bookkeeping services are no longer given the veto, even small business bookkeeping are ready to avail of them with no reservations. After all, it is no easy matter to handle a business and juggle the books at the same time so its better to pay for help rather than mess up big time.

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    Monday, 17 June 2013

    Payroll Bureau Services On Rise Thanks to Cheap Accounting!

    Payroll and accounting related services are on an all time rise. This can be attributed to not only the scare caused by BBC’s haywire payroll policy but also the tax issues hounding global players like Google, Starbucks and Tesco. It has been made clear that as far as finances are concerned – you’re better safe than sorry. Therefore, even small businesses prefer to hire professionals which is not so surprising as getting accountants in London was never better. Accounting no longer costs an arm and leg. Thus, if you can avail professional services at a bargain rate who wouldn’t want to take it up?

    It is not just cheap accounting that has helped boost payroll bureau services. As stated above, awareness has a lot to do with it for lodging payroll returns with the HMRC is a hassle most business professionals would rather avoid. That’s where the search for accounting services begins. A good payroll bureau service provider will not only offer you wage slips in time but also advice as and when required.

    Besides, since accounting services aren’t too steeply placed anymore, it is a better option to employ a firm that is more than just a payroll bureau. An accounting firm would offer comprehensive services and also at the same time be able to handle questions and queries on a variety of subjects. Some firms that are cost-effective and reputed even offer weekly, fortnightly and monthly pay slip generation services.

    Payroll services to look out for if you want a killer deal:

    • Access to pay related details online
    • Advice provided on payroll and related services like redundancy and employment
    • Lodging payroll returns with HMRC on time
    • Detailed collection of documents with advanced specifications made

    Handing one’s accounting needs to another firm may be a bit difficult but when the accounting service provider is reliable and reputed – not to mention cost-effective – there is really no risk at all be it in accounting or payroll services.