The Pay Pod is a specialist payroll bureau that has been set up to help businesses and accountants eliminate the stress of Real-Time Information (RTI) and Auto-Enrolment (AE).
RTI has been in place since April 2013 and requires employers to submit their PAYE data to HMRC electronically via the internet in real-time every time their payroll is processed, whether that be weekly, fortnightly, monthly, whatever. RTI can create significant time-critical problems for employers that hitherto have processed their own payroll, as RTI cares not about staff holidays, sickness or other logistical issues. On top of this, HMRC are set to impose punitive financial penalties on employers that do not comply with RTI.
Auto-Enrolment began in October 2012, will be fully implemented by April 2017 and requires all employers to offer a workplace pension scheme to their employees. AE is mandatory, not optional.
AE legislation is clear and strict, imposing significant administrative procedures and burdens on employers, both in processing pension payments with their payroll and in communicating the process to their employees. The financial penalties for non-compliance with AE are not only punitive, but potentially fatal.
With our team of skilled and experienced payroll professionals, The Pay Pod takes the strain of RTI and AE compliance on behalf of our clients, allowing them to focus on running their businesses.
The Green Shoots grant helped The Pay Pod to purchase the necessary computer and communications hardware, as well as specialist software, that enable us to provide this robust and reliable payroll bureau and auto-enrolment processing service. It also helped us to employ and train a payroll manager to take our business forward. We couldn’t have done this without the grant, which we greatly appreciate.
We are experts at what we do, but not experts at every aspect of this challenging environment, so we have formed strategic partnerships with relevant experts from professions such as HR advisors, employment law, and pension providers. The Pay Pod is a one-stop shop for employers who want to outsource their payroll processing.
The Pay Pod proposition is not only for employers but also for accountancy firms too. We offer an outsourcing solution to accountants that would like to continue to provide a payroll service to their clients, but feel ill-equipped to handle the increasing administration.
This is because traditionally accountants operated payroll services for their clients as an add-on (sometimes even complimentary) service, because it was a relatively straightforward and not overly time-consuming activity, with the majority of time being spent at year-end when submitting their clients’ Employer Annual Returns (P35) to HMRC.
RTI, however, has changed that with regular, time-critical work having to be done on or before every “pay day”. This led accountants to review their position and their fees for the payroll services they provide. Consider also the ever-changing rules for maternity pay, paternity pay, adoption pay, sick pay, earnings attachments, all and any HR issues! It is no wonder that many accountants are now choosing to no longer provide payroll services; and this is where The Pay Pod steps in.
While some employers have already implemented AE, many have not, and they should be preparing for it. Many small employers will inevitably turn to their accountant for help with this, but many accountants will no longer be either able or willing to do so. The Pay Pod’s services can help accountants to continue to still provide such a complete service to their clients, helping both accountants, employers and employees alike.
The Pay Pod can manage your payroll and auto-enrolment allowing you to manage your business.
For further information and friendly advice, contact us today.