There is an increasing responsibility for employers to adopt the role of informal tax collector and, as requirements become increasingly more complex, it can be difficult to keep up to date with new PAYE legislation.
Under the Pensions Act 2008, very employer must also participate in ‘automatic enrolment’ – ensuring all staff have pension schemes and that these are contributed towards.
With new regulatory changes coming into being, employers need to be mindful that their employment tax and payroll processes still comply, ahead of any intervention from HMRC.
In a recent taxation bulletin, HMRC was highlighted to have collected over £800 million in additional tax through payroll investigations during 2016-17. It is likely that HMRC will increase enquiries over the coming tax years and it is certainly worthwhile asking if your organisation would be:
- Ready for a HMRC Employment Tax audit
- Up to date with the latest initiatives and salary sacrifice changes
With a significant rise in penalties for non-compliance, a strain on internal resources, and more complex legislation many organisations are looking to outsource their payroll and pension requirements.
M+A are experienced in PAYE, and as a Bacs Approved Payroll Bureau, process in excess of £100m payrolls for over 250 clients. We are able to highlight existing or potential concerns, making revisions to ensure your employment tax function remains compliant.