Payroll Compliance: How to avoid Costly Mistakes in your growing business

Getting your payroll accurate is critical to the success of your growing business. 

It isn’t just about paying employees on time – it’s about accuracy, compliance and keeping on top of ever-changing regulations. 

Mistakes in payroll can lead to fines, legal issues and unhappy employees. 

If you’re looking to expand your team this year here are some mistakes to avoid. 

Common Mistakes 

1. Incorrect PAYE & NIC Contributions 

2. Not deducting the right amount can lead to fines 

3. Not paying on time can lead to big issues with HMRC 

4. Missing Payroll Deadlines 

5. This can lead to penalties 

6. Misclassifying Employees 

7. Are they an employee or a contractor?  

8. Misclassification can lead unpaid taxes and penalties 

9. Not keeping payroll records 

10. HMRC requires you to keep records for 3+ years 

How to stay compliant 

• Use payroll software – it will automate calculations and deadlines 

• Stay information on tax & employment law updates 

• Work with a payroll expert (like us) to ensure compliance. 

Book a call with us today to see how we can help with your payroll needs.