Avoid Tax Penalties

Avoid Tax Penalties
Alison Clynes
Written by Alison Clynes
Tuesday, 06 April 2010 23:00

By outsourcing payroll you will not only be alleviating your business from arduous payroll processing, but you will be potentially immunising yourself against a whole host of tax penalties.

The penalties for incorrect tax procedure are diverse, and range from inconvenient fines, to more serious action that could potentially debilitative a small business. With this in mind choosing payroll outsourcing services may well be one of the wisest and most cost effective professional decisions you will ever make make.

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.

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