Why it’s important for your recruitment business
During 6-10 September 2021, the Chartered Institute of Payroll Professional (CIPP) is hosting and celebrating the 23rd anniversary of National Payroll Week.
Over the week, the national awareness campaign has some key goals; the first is to raise the profile and awareness of payroll in the UK, by recognising the efforts of professionals in the payroll industry. The second is to educate business professionals about the payroll system and related benefits.
It helps demonstrate the impact the payroll industry has in the UK through the collection of income tax and National Insurance; especially when you consider the £249 billion* paid to the government through income tax and national insurance contributions.
The Government has also backed the campaign again this year, praising the impact of payroll professionals in the UK including a letter of endorsement from Solihull’s MP Julian Knight who stated:
“Payroll professionals are vital to our nation and it is through their efforts there was an outstanding contribution to the UK economy this year”.
How to get involved
National Payroll Week aims to celebrate the payroll profession, which has been identified as essential to the provision of financial services and ensuring that the UK gets paid!
You can get involved by downloading a CIPP digital pack, to help promote payroll within your organisation, or attend a free online event – CIPP is running a number of online webinars and bitesize training sessions to mark National Payroll Week. See their calendar of events for more details.
Payroll and Recruitment
For recruitment businesses of all shapes and sizes keeping on top of payroll poses a huge challenge, it is a time-consuming task and can be a considerable source of stress for business owners and managers to get right for both their contractors and clients.
The legislation governing tax and National Insurance Contributions (NICs) is forever changing, as are the rules relating to the National Living Wage (NLW). So, if you’re struggling to stay on top of your payroll, it may be wise to seek specialist advice and consider the benefits of outsourcing your payroll to ensure everything is running smoothly.
Invoice financing and back office support offers recruitment agencies a wide-range of benefits, some of these include guaranteed compliance, as well as freeing up time and resources that can be invested in growing your business.
If you are considering outsourcing your payroll, contact our expert team today to find out how we can help you.
* based on income tax and national insurance contributions as shown on Labour market overview, UK – Office for National Statistics (ons.gov.uk)The data suggests this has fallen by £730,000.