Comprehensive Payroll Services,

a. Salary Calculation:
Accurate calculation of employee salaries, including deductions for taxes, National Insurance contributions, pensions, and other statutory and voluntary deductions. b. Payslip Generation:
Preparation and distribution of digital or printed payslips for each employee detailing their earnings, deductions, and net pay. c. Tax Compliance:
Ensuring compliance with UK tax regulations, including the accurate calculation and submission of income tax and National Insurance contributions to HM Revenue & Customs (HMRC). d. Statutory Deductions and Contributions:
Handling statutory deductions, such as student loan repayments, as well as managing contributions to pension schemes in compliance with auto-enrollment regulations. e. Real-Time Information (RTI) Reporting:
Submission of Real-Time Information reports to HMRC, providing details on employee earnings, taxes, and other relevant information on or before each payroll run. f. Year-End Processing:
Completion of year-end processes, including the production and distribution of annual P60 forms for employees and submission of necessary reports to HMRC. g. Auto-Enrollment Pension Administration:
Management of pension contributions and compliance with auto-enrollment requirements, including assessment of employee eligibility and communication with pension providers. h. Data Security and GDPR Compliance:
Ensuring the security and confidentiality of payroll data, as well as compliance with the General Data Protection Regulation (GDPR). i. Employee Self-Service (ESS):
Provision of online portals or systems allowing employees to access their payslips, update personal information, and view relevant payroll-related documents. j. Dedicated Support:
Offering support services to address queries from both employers and employees regarding payroll-related matters. k. Legislative Updates:
Staying abreast of changes in payroll legislation and adjusting processes accordingly to ensure ongoing compliance. l. Customized Reporting:
Providing customized reports to meet the specific needs of the organization, allowing for detailed analysis of payroll data. Outsourcing payroll to wenodo’s managed service team can relieve businesses of the administrative burden associated with payroll processing, ensure compliance with legal requirements, and allow organizations to focus on their core activities.

Using wenodo’s managed payroll services can offer several benefits for businesses. Here are some of the key advantages:

a. Compliance with Legislation: Keeping up with the constantly changing payroll legislation can be challenging. Managed payroll services are dedicated to staying compliant with the latest regulations, ensuring accurate tax calculations and timely submissions to HM Revenue & Customs (HMRC). b. Time and Resource Savings: Outsourcing payroll functions to a managed service provider frees up valuable time for your internal teams. This allows your HR and finance staff to focus on more strategic tasks, contributing to the overall efficiency of your business. c. Reduced Risk of Errors: Payroll errors can lead to financial and legal consequences. Managed payroll services often use advanced software that minimizes the risk of mistakes in calculations, tax filings, and other payroll-related processes. d. Cost Efficiency: Managing an in-house payroll department comes with various costs, including salaries, training, and technology infrastructure. Outsourcing payroll can be more cost-effective, especially for small and medium-sized enterprises. e. Scalability: As your business grows or changes, managed payroll services can easily scale their services to accommodate fluctuations in the number of employees. This scalability is particularly beneficial for businesses with varying workforce sizes. f. Security and Data Protection: Reputable payroll service providers implement robust security measures to protect sensitive employee data. This includes encryption, secure data storage, and adherence to data protection regulations, such as GDPR. g. Expertise and Support: Managed payroll services often have teams of experts who specialize in payroll processing and compliance. This expertise can be invaluable for navigating complex tax regulations and resolving any payroll-related issues that may arise. h. Employee Self-Service Portals: Many managed payroll services offer employee self-service portals. These portals empower employees to access their payslips, tax information, and other relevant details, reducing the administrative burden on HR. i. Focus on Core Business Functions: Outsourcing non-core functions, such as payroll, allows your business to concentrate on its core competencies. This can contribute to improved overall performance and growth. j. Real-Time Reporting and Analytics: Some managed payroll services provide real-time reporting and analytics tools. This allows businesses to access up-to-date information for decision-making and strategic planning. k. Adaptability to Changes: Managed payroll services can adapt quickly to changes in tax laws or regulations, ensuring that your business remains compliant and avoids potential penalties.

Whether you currently have an in-house function or are using a third party supplier, our first step is always to assess your requirements and understand what your organisation really needs from a payroll service. We take into account all the different elements that go to make up an employee’s pay (e.g. basic wage, overtime, bonuses, commissions, GAYE or other schemes, payment of expenses and so on).

If you are already using a third party supplier, we take special care to ensure that any issues that existed with the previous supplier are addressed and corrected as part of the requirements capture process.

We then build a system based on these requirements, which is populated then with base HR/Payroll/YTD data. The new system is then run in parallel with your existing system to test it is correct and to iron out any anomalies.

Once you are happy that the new system is producing correct figures we switch over to the new system. If you are currently using an external payroll provider, a changeover point will need to be agreed and we will provide communication and support to help manage this process.

At Wenodo, we prioritise client data protection by investing in the latest technology and highly advanced data security procedures to ensure your sensitive information is safe. Most significantly, we do not move any client data off shore and all data centres and servers that hold any payroll data are all located in the UK.