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Traditionally, managed payroll is where you outsource your payroll process to a third party payroll provider and they ensure that your employees are paid correctly on time.
They will also ensure that you are compliant with any local, state or federal regulations in taxation and payroll. They will make any necessary deductions, inclusive of tax, student loan repayments and pensions and pay your employees.
If you outsource your payroll to a third party they will also be able to deal with any inquires or queries your employees may have.
However, increasingly managed payroll has come to mean the use of technology to manage you payroll process, whether you outsource your payroll to a third party or manage it in house.
It varies upon the services you ask and the company that provides it. However in 2017 the prices for the basic package payroll services provided by companies ranged from £25 to £200 per month.
This price will be inclusive of online access for employees, tax filing, deduction for student loans and pensions and paycheck processing as well as depositing pay into employees bank accounts.
A wide variety of functions can be handled by a payroll company: inclusive of the monitoring of employee attendance, time and sickness, ensuring correct deductions are made inclusive of taxes and pensions, as well as setting up or making any changes to direct deposit accounts.
If you have been absent from work due to illness on full pay you will receive Occupational Sick Pay (OSP).
Occupational Sick Pay (OSP) is paid as a top up to SSP (Statutory Sick Pay) so that you are able to get full pay whilst absent due to illness which will fulfill your Terms and Conditions of Employment.
Your unique payroll number will be how your payroll department distinguish between individual employees.
This can be found by contacting your payroll department or it is usually on your payslip.
When you are setting up a new employee on your companies payroll system you will need to enter their RTI (Real Time Information) Pay ID.
This will get the employee reference for your company, which in turn you will submit to HMRC.
If your employee become ill and is unable to work, they may become eligible for SSP (Statutory Sick Pay) which is currently set at £92.05 per week for a maximum of 28 weeks.
However, your organisations sick pay scheme may offer more, it is illegal to offer less.
Company sick pay schemes are also refereed to 'occupational' or 'contractual' sick pay and must be included in the employment contract.
In the UK you must provide all employees with a wage slip. A payslip can also be referred to as an itemised pay statement in legal terms, and must be provided to your employees on or before each of their pay dates.
In the event that an employee is unable to access an electronic version of their pay slip, you must produce a hard copy for them.
If you have been off of work for more than four days in a row, inclusive of non-working days, and are too ill to work, you can get Statutory Sick Pay (SSP) which is paid at £92.50 by your employer for up to 28 weeks.
A payslip must show all of the variable deductions, inclusive of National Insurance, Tax, pension deductions and student loan repayments.
As of February 2018 your payslip must also display time worked and demonstrate that your pay is appropriate and complies with the legal set minimums.
As part of your contract of employment you are entitled to be paid on time.
Moreover, in the event that your employer is consistently late in paying you whilst you are employed by them, you can follow legal procedures to ensure your right to be paid is legally enforced.
In this event it is recommended you contact the citizens advice bureau.
In the event that you do not have a company sick pay scheme, your employer will still have to pay you Statutory Sick Pay (SSP), as long as you meet the requirements.
Your employer does not have to pay it for the first three days of illness, unless, within the last eight weeks you have been paid SSP and are eligible for it still. SSP is currently paid at £92.50 per week.