dataplan payroll services

Fewer tax penalties with professional outsourcing

Fewer tax penalties with professional outsourcing
Alison Clynes
Written by
Wednesday, 01 July 2009 23:00

Any established business today is fully aware of the crippling penalties that can be incurred when their taxes are incorrect or late. The Inland Revenue do not accept excuses; they have strict rules in place and tax penalties are a terrible waste of your valuable resources.

The problem is that in many businesses, problems will crop up and mistakes creep in. This happens even with competent staff onboard. Unnecessary tax penalties can be a drain on cash flow and to make it worse, they are not deductable on business tax returns.

Tax penalties have a morale deflating effect on the staff at a business. It creates great frustration for the staff responsible. This in turn leads to a decrease in productivity, so it becomes a never-ending cycle.

Outsourcing is smart thinking

Outsourcing payroll means putting the payroll process into the hands of trained professionals. Payroll is a complex task that involves countless rules and regulations, tax structures, reports, timetables and a very high degree of confidentiality. Outsourcing payroll means your business has access to not only one or two qualified people, but a full team. This means that all the different aspects of payroll are shared within the group.

Thus it is understandable that outsourcing payroll will remove the ever-present threat of incurring tax penalties. The beauty of outsourcing is that it saves the business money while building confidence within the staff. Everyone is assured that their payslips will arrive on time, their money will be deposited on time into their accounts and there will be no mistakes.

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