What happens if I run Payroll late?

Running payroll late can not only lead to hefty penalties but also do irreversible harm to employee confidence. If paid late, you can be sure to expect a less productive and disgruntled workforce, with some employees possibly seeking employment elsewhere.

Having your payroll processed by an experienced payroll specialist will help to ensure your payroll is processed accurately and on time, mitigating the risks to your business and therefore keeps morale up within the team.

In addition to potential employee trouble, you could also be faced with monthly penalties & interest charges for missed submissions & payments to HM Revenue & Customs. Interest on late payments range between 3 – 6%, depending on the amount you owe, and currently, the monthly penalties for missed payroll submissions are

Number of employeesMonthly penalty 
1 to 9£100
10 to 49£200
50 to 249£300
250 or more£400

What are some of the reasons for a late payroll submission?

Reasons why you would receive a penalty…

How can we help?

Here at Pierce Accountants, we can offer you a complete, time-efficient, and compliant payroll and auto-enrolment service for businesses of any size. If you are a new business paying employees for the first time, or an established company with complex policies and various procedures across departments. Our specialist team have the knowledge and the resources to provide you with a first-class service

By outsourcing your payroll we guarantee compliance regardless of any new legislation. We can offer you proactive advice to optimise your payroll function and provide solutions that help retain employee confidence. So you can concentrate on growing your business knowing that your payroll will be handled and completed efficiently every time.

Some of the benefits of outsourcing your payroll

That’s not all, we make sure we go the extra mile by offering additional services such as; assisting with employee tax queries, providing updates on legislation changes, always asking questions if something looks incorrect, managing the full handover of payroll provider, and arranging annual meetings so you can meet your dedicated advisor regularly.

With 99.61% accuracy on client payrolls processed and being 70% CIPP qualified, you can trust us to pay your staff on time, every time.

Book a free, no-obligation initial consultation with our payroll team today.

 

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