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What is best way to process Payroll?

What is best way to process Payroll?

Running payroll is not only a complex but a specialized field that requires exclusive knowledge of employment income and benefits in kind. All Employees and Directors are covered under payroll. Payroll specifically covers Income tax, National Insurance and Pension deductions from income and all other benefits such as company car, fuel benefit, mileage claims, insurance etc. received from employment.  It should be managed by specialists only. An error in payroll can not only cost you in terms of penalties but can also demotivate your employees that you consider your key assets. Further, HMRC require all businesses that employ people to do RTI (Real time information) filings and make payment of PAYE and NI to HMRC on monthly basis. Thus, it is necessary that payroll is processed at least on a monthly basis. Payroll preparation and processing can be a time-consuming task and can be rather challenging during your precious business hours. We at Affinity Associates consider that you should let professionals deal with your payroll processing so that it allows you to focus on the development of your business.

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