As an idea about the potential pitfalls of incorrect tax procedure, some of the costs you might incur include:
For example, did you know that that as an employer you must keep monthly records of PAYE deductions to an employees wages, and that this payment should be forwarded monthly or quarterly depending on your size business? Did you know that any payment you neglect to make will incur interest at the end of the year?
Well this is just the tip of the iceberg, and with considerations ranging from minimum wage, to student loan repayments, to holiday pay, processing your payroll correctly can be a minefield - especially if you're not 100% certain of what you're doing.
So - want a surefire way to pass a PAYE inspection, and potentially save you some from some nasty penalties? Well with payroll outsourcing services from Dataplan you can guarantee payroll processing that is aware of the various intricacies of the tax system; and that's not all, not only do we offer payroll outsourcing we can also offer a PAYE healthcheck, a surefire way to avoid those tax penalties.