Employers need to report all BiKs including those under optional remuneration arrangements (OpRAs), to HMRC on form P11D from 6... ...
We offer an affordable, efficient and accurate payroll package to handle your weekly or monthly payroll requirements, helping to keep you compliant with all the current Real-Time Information and Auto-Enrolment requirements.
Real Time Information
Almost all employers should now be using real time information (RTI). This generally requires payroll information to be provided to HMRC ‘on or before’ payment to the employee. Our payroll software does this automatically.
There have been significant changes recently to national insurance. Our payroll services ensure you are fully compliant and able to take advantage of employer allowance deductions etc.
Other payroll services
Our services can also cover monthly summaries, departmental reports, dealing with leavers and starters and analysis of staff costs.
At year end we can provide employee summary P60’s and P11D benefit and expenses returns.
Related tax planning advice
We offer comprehensive advice on all employment tax issues including tax efficient remuneration strategies, termination payments, inducement payments and benefits planning.
Pensions and auto enrolment
An employer’s obligations under the Workplace Pension Reforms with regards to Auto-Enrolment will lead to a significant increase in the demand placed on your admin, finance and/or payroll department (To get started download our Guide to Payroll and Auto-Enrolment Services for a useful overview of this topic).
How can BWM help?
As well as offering a full payroll service which is compliant with the on-going requirements of auto enrolment, we can work with you to ensure that you have employee pensions provision in place in good time, working with your financial adviser.
A reminder of why it is so important to get your scheme in place – and early!
The consistent advice is to ensure that you are prepared well in advance of your staging date.Financial advisers are warning of a capacity crunch. As ever increasing numbers of employers reach their staging dates there is the potential for the number of pension product providers to be insufficient to deal with setting up the schemes in time.
Some providers suggest getting your scheme in place (so it is inactive but set to go live at your staging date) as far as 12 or even 24 months in advance is advisable. Bearing in mind the severe penalties for not complying with auto enrolments requirements on time, this seems like sensible advice!
BWM can, with your other advisers, also help you consider and plan for:
- Impact on fixed costs and when to start factoring the costs in (employers will be given time to adjust to increased payroll costs, contribution levels will be phased over 6 years).
- Evaluate impact on any fixed term contracts
- Tax implications / protecting your existing pension pots
There are of course a number of Independent Financial Advisers who can assist you with getting your auto enrolment scheme in place. If you don’t have an advisor, we will be happy to put you in touch with one of our recommended contacts who we feel can suit your needs. Typically whilst there is an upfront fee for arranging the scheme initially there is an overall benefit from getting the best pension package for your organisation based on its specific circumstances.
Similarly if you need legal advice (you might also want to speak to a solicitor with regard to updating employment contracts for example) we would be happy to refer you to our recommended contacts.
How can our payroll team help?
It is important to note that, whoever your pension provider is, they will not have a complete solution for you and all require data extraction from payroll on a run by run basis to provide any support which the BWM team are able to handle on your behalf.
Outsourcing your payroll to us is easy
1. Our payroll clients vary from just one employee to those employers with over 100 employees and include companies, charities and partnerships.
2. You can call us at anytime for help with ad hoc queries such as HR issues, holiday entitlement, sickness, termination payments etc.