Every organisation has been working on year-end reporting and tax filing to meet the 6 April deadline. Now payroll and HR teams should begin a review of the payroll and tax compliance procedures for this new fiscal year. How do you keep track of changes, new regulations, and compliance requirements?
Getting Started
The first item to review is employee payroll. Does your employee payroll run smoothly, or are there some issues with inaccurate data, miscalculations, or payslip compliance? Making sure your employees are paid on time, accurately, and ensuring compliance with tax regulations is the beginning. Evaluating auto-enrolment, benefits, and other policies to ensure compliance with new regulations for this year will help you avoid fines or penalties, and keep your employees happy with their payroll and benefits processes.
Making Changes
If you discover there are outdated policies, or find a need to upgrade some of your employee benefits, first you need to research your industry standards. Are your competitors offering new or improved benefits, higher pay, or other options that your organisation could begin offering? How do you stay competitive in your market and keep your employees happy? Once you’ve identified potential improvements, ask your employees what they think. You can create surveys, group discussions, and other feedback tools to get information from your employees on what is important to them. When employees are given a choice or know their opinion matters, they become more invested in the company.
Ensuring Compliance
Now the tough part – making sure your payroll, benefits, and tax filings are compliant with the most updated regulations. Your payroll and HR teams need to work together to keep your organisation up to date with new HMRC regulations each year and stay ahead of upcoming changes. Payslip regulations, new auto enrolment minimums, and other changes have taken place beginning 6 April – your payroll and HR teams must ensure compliance with the new regulations to avoid fines or penalties.
Technology
Ease the burden of compliance, help your teams stay ahead of upcoming changes, and get alerts when something in your process is not working properly with payroll and HR integrated technology. Using cloud-based technology, customised reporting, and integrated payroll and HR tools can prevent your teams from making costly mistakes and proactively identify any changes that need to be made. If you are looking to make enhancements to your payroll or HR processes, help your teams manage easier, or ease the process for payroll and benefits administration, we can help. Our easy-to-use tools and CIPP-certified staff ensure your payroll and HR is compliant, integrated, and stays ahead of compliance headaches.
