When you start a new business, paying your employees may seem quite simple; it’s something you’re always going to remember to do, but there are numerous legal issues that need to be adhered to in order to ensure compliance. Understanding tax and when exactly your employees need to be paid are just two of the most important factors you need to remember. For small businesses, payroll should be one of your top priorities. But how do you navigate it legally?
Here at Payroll Worldwide, we provide payroll services for small businesses and more established companies in Latin America (LATAM) and those wishing to expand. By outsourcing your payroll and human resources (HR), you can save yourself time and money when attempting to understand the many intricacies involved. We understand the payroll process, and can have your business running optimally in LATAM in no time.
First Things First – Register Yourself as an Employer
When you first establish your business, you will need to register as an employer. If you’re based in the UK, expansion may be one of your goals for the future, but as a small business, you need to build yourself up before you can expand globally. You must register four to eight weeks in advance of employing your first staff member, and the registration process can take up to two weeks. This process applies to businesses operating in the United Kingdom, however; different countries have different laws surrounding payroll and recruitment. If you’re looking towards Latin America, we can help.
Here at Payroll Worldwide, we can help small and large businesses in the UK expand to Latin America, ensuring all legalities have been adhered to, providing work visas and even operating a concierge service for moving staff. To find out more about our outsourcing services, please visit us on our website here.
Choose a Payroll System, or Outsource
Keeping on top of running payroll is essential, and the best way to do this is to keep organised. You should decide early whether you wish to operate payroll yourself or look towards a payroll outsourcing service. A fully comprehensive professional employer organisation (PEO) can save you time and money, leaving you to focus on expanding your business and keep your mind on what’s more important. An outsourcing firm can offer incentives such as payment calculations and deductions, compliance, regulation and producing payslips. This can ensure no mistakes are made and keep all legal requirements in check.
PEOs know exactly which payroll processes work the most effectively for your business, and can navigate various laws and regulations in the country that you operate in. You can read more about why outsourcing your payroll is the best decision for your business in our previous article here.
Ensure Your Records are Accurate
Important information, such as the amount you need to pay your employees, what deductions are taken and the tax that needs to be paid should be monitored and kept on top of. To pay your employees exactly what they’re owed, you need to look at the hours they have worked, any sick or personal days taken, and you need to make sure that the gross and net pay are accurate. Any inaccuracies can be quite detrimental to your business, and can land you in hot water in legal terms. When attempting to be as concise and compliant as possible, it might be worth looking towards an outsourcing company.
Here at Payroll Worldwide, we can provide effective payroll solutions that can benefit you, your business and your employees. To find out more, or to receive a free consultation, please give us a call on 07469 892524. Alternatively, you can fill out our online form here.
