Top Tips for Employing Staff
If you are a business owner, you may be considering growing your team as your business expands. Harvey Telford & Bates Chartered Accountants have put together a guide, providing you with key information you need to know about employing staff.
Before employing staff, businesses need to make key decisions such as the type of staff that will be hired (casual, part time or full time), how they will be managed, also what will the staff be paid (considering the National Living Wage) and much more.
It is essential to have these decisions clear before making such an investment. You may wish to consult with an HR expert on the legal requirements you will have to fulfil, and to fully understand the impact that taking on employees will have on your business.
There are a number of key tasks that you must complete before hiring staff – this includes getting Employers Liability Insurance (regardless of whether you have casual staff or full time employees) and registering as an employer with HMRC.
You can register with HMRC up-to 2 months before you make your first payment to staff, but it is essential that the registration is complete before the initial payment.
This will include collating the appropriate employee information and setting up PAYE schemes for your employees. This includes:
- Calculating and collecting Income Tax;
- National Insurance Contributions;
- Additional deductions such as Student Loan Payments
- Managing Real Time Information declarations;
- Providing all relevant paperwork (Pay slips etc.) to employees.
HTB Accountants can provide all the support you need – registering your company as an employer, registering new employees and managing the day-to-day elements of processing your payroll; ensuring you meet all legal requirements and allowing you to dedicate your time to other areas in the business.
In addition to elements noted, the team at Harvey Telford & Bates will provide assistance with auto-enrolment; the legal requirement for all businesses to provide a pension scheme for their employees.
For larger companies, auto-enrolment is already in place, however, for companies with less than 30 employees you will have a staging date, which indicates a date when all relevant pension schemes need to be in place by – the final date being 1st April 2017.
For new employers, depending on when the PAYE income was first payable, the staging dates extend to 1st February 2018.
If you are considering employing staff, why not visit our office in Shrewsbury to discuss your requirements – our team has expertise in every element, and a service can be tailored to your business needs. Call 01743 462604 or email [email protected] today to book a free consultation.