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Joe Penrice

What To Consider When Creating Payroll

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Payroll can be extremely time consuming and depending on staff working hours, the staff you employ and bonuses and deductions, payroll is constantly changing. To effectively create payroll, there are several factors you must consider. These factors will ensure payments are always perfect.

Coleman & Co can support all businesses throughout the Lisburn area. Whether you require help with payroll or any other service, we will always offer our advice.

Date & Amount

The date payments go out and the exact amount your staff members receive is what payroll will include. This information must always be recorded, no matter how little the payment is or what the payment is for.

All payroll must consist of the date staff members were paid. This ensures you are record keeping effectively and that any queries can be easily answered. Additionally, if staff members have a problem, bookkeeping is the best way to ensure any issues are resolved.

Taxation

As well as your business, all staff members you employ must pay tax. Unless they are underneath the tax threshold of £11,850 per year, you must ensure staff tax is deducted correctly. To complete tax returns correctly, different staff will often have to make different tax returns. As you should tax the income you make, completing tax yourself is often the best option to make sure taxes are paid correctly. The tax rates for 2018 to 2019 are:

  • £0 – £11,850 per year – 0% tax
  • £11,851 – £34,500 per year – 20% tax
  • £34,501 – £150,000 per year – 40% tax
  • £150,000 or above per year – 45% tax

You must always adhere to tax laws and make sure your business makes accurate tax returns every year. If you fail to do this when organising your payroll, it could lead to large fines, therefore both you and your staff members could be punished.

Bonuses & Deductions

Part of payroll that you must always consider is the bonuses and deductions your staff are qualified for. Whilst you may not enjoy deducting staff wages (or you may love it!), it is a part of staff payments. Deductions could be made for sicknesses and absences or staff members may qualify for statuary payment. This means their wage will change so you must always complete your payroll with great attention.

Staff members will not receive the same wage every month. Whether this is due to hours worked, weeks in the month and the timing of your payment, it must be monitored closely. Incorrect payments could lead to disputes in the office so bonuses and deductions must be done accurately. Keeping track of all staff bonuses can be time-consuming, but an essential when creating payroll.

Payroll Schedule

Your payroll schedule will prevent payments ever being completed on the wrong date, as a result, your staff members remain happy. By creating a payroll schedule, this ensures any bonuses, pay expenses, deductions and taxes are already considered. Unlike your actual workload, payroll isn’t something that should be left to the last second.

With a schedule, you and your staff members know exactly when they will receive their wage. Failure to meet this deadline will lead to lots of unhappy staff members, so it’s important to get it right. Another reason to create a schedule is to assure staff they are paid by a certain date, without issues. Correct payments on the correct date will always lead to happy staff.

Contact Us

If you need advice or support creating your payroll, do not hesitate to contact Coleman & Co. We offer guidance to all businesses throughout Lisburn, in addition to effective pay management. Speak to our team today and call us on 028 9266 3599 or fill in our contact form to make an enquiry.

5 Ways Accountants Save Business Money

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Whilst accountants may initially increase your business expenses, there are several ways your money will be saved. Accountants can help businesses of all sizes save money, being a great option no matter what your financial condition is.

Coleman & Co provide a range of services and advice to clients throughout the Lisburn area. Whatever you require support with, our accountants can always improve your financial performance.

Financial Forecasting

Planning both expenses and income accurately is key to a successful business. By creating cash flow forecasts that represent a good estimate of what your business might achieve, you can plan effectively. Accountants can always make accurate cash flow forecasts, ensuring you have a good understanding of the future finances in your business.

With financial forecasting, you can always prepare to budget more or motivate to sell more. With this insight, you have good knowledge of whether your business needs to improve in the future or whether your current performance will meet required targets.

Avoiding Tax Penalties

Nobody likes doing their own takes, but they must be done correctly and on time. Although failure to do this could just end in a warning, continuous problems will lead to hefty penalties. Whilst you must always stay within the law, the helping hand of an accountant can ensure you pay as little as possible for your taxes.

This ensures you save money, whilst avoiding any penalties, by simply knowing the law inside and out. Additionally, outsourcing your tax returns allows you to focus on different business requirements. Taxations must be considered throughout the business year on all transactions and payroll. Accountants will tax you and your staff correctly so tax returns are completed without any issues before the deadline.

Budgeting

Whether you are a start-up business or well established in the industry, budgets are essential. Budgets can be used for individual staff members, the entire business or certain departments and they will always help you save business money.

Whilst a budget is a great method to reduce costs, you must plan your budget effectively. If your budget is too little or too large, it could have a negative effect. Costs could be reduced, but you may not have enough money to invest or the budget may be ineffective in reducing your spend. Finding the right mix will prevent business costs rising, whilst still allowing you to invest in the business.

Accountants can always create effective and accurate budgets that allow your business to succeed. If you need to reduce ongoing and one-off business costs, budgets must be used.

Bookkeeping & Invoice Advice

Knowing where your money is coming from is something every business should be on top of. However, managing your invoices and bookkeeping correctly seems to be a challenge for several businesses.

Bookkeeping should always be done, along with invoice tracking to view every transaction within your business. If a payment stops or begins, you will always know about it and can always take action if something doesn’t seem quite right. Accountants can bookkeep for every business, monitoring any financial changes that occur and ensuring you can chase up any invoices or transactions that have been made unexpectedly.

Managing Growth

In addition to budgeting, the growth of your business should always be controlled. Unless you are making more money than you know what to do with, your growth shouldn’t happen all at once. Having worked with businesses across all industries, accountants can manage the growth of any client.

If you choose to invest too much money, it could have the adverse effect, meaning your business doesn’t grow and ends up in a worse financial state than before. Investing your money at the right times is key to successful growth and with the forecasting and planning of an accountant, this is achievable.

Contact Us

Accountants can help any business save money using a wide range of services. If you require advice in the Lisburn area, contact the Coleman & Co team today. Call us on 028 9266 3599 or fill in our contact form to make an enquiry.

How Accountants Are Preparing For GDPR

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On 25th May 2018, GDPR will be enforced and all businesses must comply with these new regulations. There are several actions accountants are taking to ensure all data we use is secure, whilst still providing our clients with the highest standard of service.

Coleman & Co will adhere to GDPR with all finances and ensure clients all data will be secure no matter what services you require.

Impacts On Your Business

Whilst all businesses will have to comply with GDPR, the new law will impact some businesses a lot more than others. Our cash flow forecasting will take into account the factor of GDPR, providing you with a good insight into whether your finances will be affected over the next few months.

Whilst most businesses will be able to carry on with their regular finances without any issues, others may have to make changes to ensure they are adhering to GDPR. We will always support you to prepare you for any financial changes.

Accessing Data

With GDPR, every individual has the right to see their own personal data. We ensure all finances and data is available for our clients to view whenever you require. As accountants, we will continuously handle the data of our clients to provide you with financial information. If you ever require business finances, our services will ensure these figures are made available quickly.

Additionally, this may not always be financial data. Personal information for our clients may also be stored and updated for easy contact. If changes are ever required, GDPR means every business must give access to this personal data.

Keeping Data Secure

GDPR’s key principles are to ensure that all data you store is completely secure and protected. No data should be shared or at risk of being taken, every business must strive to keep any data safe. Coleman & Co have the necessary accounting systems to keep the data secure of every business we work with.

GDPR fines are enough to bankrupt every business, with two possible fine tiers. These fines are €10,000,000 or 2% of annual global turnover and €20,000,000 or 4% of annual global turnover. Our accountants will try to prevent every business from having this impact on their finances, ensuring your finances and data is kept secure at all times.

Audit Procedures

Accountants currently handle data from many customers on a daily basis. Whilst continuing to do this, current procedures should be correctly audited to guarantee that all data currently being used is secure. We are always happy to advise clients and create financial reports, with any current services should be audited.

No matter what data we are handling, this will be kept secure for our clients. Whether data is transferred between departments or shared with your own staff members, it will always be kept secure to prevent data being stolen.

Secure Computerised Accounting Systems

Coleman & Co have computerised accounting systems for all clients, allowing us to deliver several services. Accounting software offers many benefits, allowing data to be transferred between ourselves and clients easily and accurately.

Computerised accounting systems are always available to ensure all financial services are completed accurately. Our accounting systems are always completely secure, preventing any breaches of data. This ensures there are no issues with GDPR as your personal data will always be secure.

Contact Us

For more information on the services we have available or how we can help our clients with any GDPR issues, speak to our team today on. We can always offer advice or give information regarding how your data is being kept secure. Call us today on 028 9266 3599 or fill in our contact form to make an enquiry.

Tax And Wage Changes For 2018

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With April marking the annual tax and wage changes, it is important all businesses monitor what changes have been made and why you should stay updated. If you fail to keep up with tax and wage changes, fines could follow your business – something you must avoid.

Coleman & Co can help all businesses throughout Lisburn with their financial management. Whether you struggle to adapt to tax and wage changes or your business has poor financial performance, we can assist.

Minimum Wage Increase

Every April, the current national living wage and the national minimum wage changes. Whether you employ apprentices, young workers or over 25’s, you must ensure wage is correct. If some staff members were previously on national minimum wage, it is important that you make the necessary changes. You can view the changes in minimum wage from 2017 to 2018 for each age group below:

  • Apprentice: £3.50 – £3.70
  • Under 18: £4.05 – £4.20
  • 18 – 20: £5.60 – £5.90
  • 21 – 24: £7.05 – £7.38
  • 25 & Over: £7.50 – £7.83

With these significant changes, if your payroll fails to keep up with the minimum wage changes, fines could be given. Legal action could also be taken by your employees, so avoiding this issue will ensure the correct payslips are always given, without any legal issues. Whether you are employing new staff, or this applies to existing members of your team, pay changes must be made.

Personal Allowance Increase

Your personal allowance, the amount of money you earn before being taxed, has also increased in April 2018. This means if you earn less than £11,850 in a tax year, you will not receive tax on your wages. Allowance has risen from April 2017, where your personal allowance was £11,500. This could lead to a reduction in tax of up to £70 for some staff members, whether you work part-time or on minimum wage.

In addition to this, the threshold to pay higher tax rates has also increased. To pay the higher tax rate of 40% on your wages, your income must now be £46,350 or above. This amount also includes the increased personal allowance, meaning a reduction in tax of up to £337.50 per year.

Penalties & Fines

Although this may not seem a massive issue, if you complete your own finances it is integral to meet these tax and wage changes within your business. Employers who fail to pay their staff members National Minimum Wage could face fines up to £20,000. As this fine is larger than any cost of raising staff members wages, taking the fine is simply not worth it. Not only could you face a backlash from staff, but 100% of unpaid wages will also have to be paid.

Tax returns must always be accurate. No matter what tax and wage changes have been made, incorrect tax submission to the HMRC could lead to penalties. Initially, you may just face a warning, but overdue returns or regular mistakes could leave you with big fines to pay. To ensure tax returns are accurate, you must stay updated with all changes, every tax year.

Tax and wage changes must be considered within your budget, otherwise, you run the risk of penalties and fines. Coleman & Co can help every business ensure tax returns and payroll never causes a problem.

Contact Us

If you require advice regarding any financial issues in your business, do not hesitate to contact our team. We can discuss all tax and wage changes and provide several services to ensure businesses never have financial issues. Call Coleman & Co on 028 9266 3599 or fill in our contact form for accountants in Lisburn.

6 Tips For Small Business Accounting

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As a business, your financial performance is the most important thing to grow a successful business. Without accounting correctly, you will struggle to monitor finances correctly and constantly achieve the best financial performance. Every business must complete accounting to successfully run their business.

Coleman & Co can help every business effectively manage their finances. We can offer any accounting advice you require or complete all accounting work for you.

Track All Expenses

No matter how insignificant it may seem, you must track every single expense your business makes. Many business owners will continue to monitor the costs within their business but fail to notice the impact of costs. By tracking all expenses, including, meals, entertainment and travel, you keep a record of what payments your business is making.

This could help you in the future if you look to reduce costs and wonder where the majority of your expenses are occurring. Tracking your expenses will also support you during tax returns, ensuring all payments throughout the tax year are considered.

Create Payroll System

Nothing makes your staff unhappy like missing wages. Creating a payroll system to ensure all staff members are paid accurately and on time is essential. Small business accounting can be made much simpler with the support of a payroll system and will also keep your staff happy.

Having your own payroll system allows payment to your staff members to be much more efficient. Staff will always know how much they are being paid and what date they should expect their wages. Payroll systems also makes accounting much easier, rather than manually paying your staff every month and having to record this yourself.

Monitor Invoices

Making sure your clients pay you for your service must be done. You can not afford to simply hope clients are paying you, without taking any action whatsoever. Invoices could easily be cancelled without you knowing and you must constantly monitor this to ensure you receive the expected money.

If you notice a missing invoice for one of your clients, you can easily keep updated with this. Either you can stop providing the service they paid for or follow up the cancellation. All payments should be correct and you must effectively monitor this to avoid losing money.

Meeting Legal Requirements

Finances must be recorded at all times, whether it is coming in or going out of your business. Regardless of whether you are submitting tax payments correctly, all company accounting records should be kept for a minimum of 6 years, as a legal requirement.

We would advise recording all payments that go on in the business. Even if you do not think some transactions to be necessary, this information may become useful at any time. Not only could it support you for tax payments, but it could also settle any disputes you have with your clients.

Keeping your previous business data safe and available must always be a priority.

Tax Returns

Its never too early to start planning for your tax returns. This is something you should consider all year round as you should have a good understanding of what taxes you will be required to pay. All your income must be taxed before HMRC payments are made, as a result, recording your finances is necessary.

All profits your business makes will be taxed and if you fail to do this, fines can begin to rack up. When completing your business accounting, tax should be a priority at any point during the year, ensuring you do not face any punishment for incorrect tax returns or failing to meet tax deadlines.

Create Budgets & Forecasts

For effective accounting, you should always be looking at the future of your business. Creating a budget and forecast for the future of the business can help you save on costs and improve revenue. A budget will help you reduce costs massively and ensure payments are only made for items that are necessary for the business.

Creating a forecast can help you achieve all targets and ensure the business performance is of the right standard. By creating these two features as part of your accounting, it can massively boost your overall financial performance.

Contact Us

If you require advice from our team or would like to discuss our accounting services, do not hesitate to call us. Coleman & Co are happy to support all businesses throughout the Lisburn area with a wide range of services. Call us today on 028 9266 3599 or fill in our contact form to make an enquiry.

What To Include In A Cash Flow Report

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Evaluating your cash flow over the last few months can help every business prepare for the future. But what exactly should you include in a cash flow report? There are several features we think you should include to help your business flourish!

Coleman & Co can create a cash flow report and forecasts for all small business throughout Lisburn. Our team are happy to offer guidance and advice regarding all our services.

Use Cash Flow Statements

Obviously, to create your cash flow report, you will have to use your cash flow statements from the previous month. However, to get a good overview of the progress your business is making or any problems that have occurred, you should be using several different cash flow statements to create the best possible report.

Having analysis of your business’ financial performance over a larger time period allows you to identify problems and opportunities. Although one cash flow statement will show the profit, revenue and costs for one month, it will not give you an overview of performance. Whether you choose to complete cash flow reports on a regular basis for comparison or use several cash flow statements in each report, this will give you the best chance to improve your business.

If your business’ profit has decreased in recent months, you should know changes have to be made. Problems will occur if your business does not prepare for the future or look at errors that have led to a profit decrease.

View Different Departments

All stakeholders and business owners want a detailed report of where money is actually being generated. If your cash flow report is too simple, the information you require to evaluate the business is not available. Instead, you should include where all money throughout the business is being made and spent.

You will be able to complete further analysis into which sections of your business help create the most profit. If one department spends too much or makes too little, this can be a concern. Identifying the problem and making a change is the best option for your business and ensures the optimum profit is created for your company.

Including this in a cash flow report could help you decide to invest less money into one department. You should always be looking for the best way to improve your revenue whilst keeping costs to a minimal.

Include All Costs

Every expense must be included in your cash flow report, no matter what your business is paying for! Recording all expenses should be done, whether this is for tax purposes or to show owners and stakeholders. All expenses should be considered to see where you could cut down on costs and where unnecessary payments are made.

If running costs or one-time payments are cutting into your profit, finding a suitable way to reduce this could significantly benefit your business. Whether this is staff rewards, office renovations or new equipment, you should be looking at every expense.

Cash Flow Forecasting

Using detailed cash flow reports of your previous months in trading can help you prepare for the future easily. By evaluating previous expenses and revenue, you can make an accurate forecast of what profit you will make in the future. You can also make changes to your current expenses, looking at what areas you should be reducing your costs.

Once a forecast is created, this can then be compared against your actual business performance. If the forecast is inaccurate, you can identify what problems occurred and again what changes need to be made in your next cash flow report.

A forecast is essential to target what direction your business is heading and what you would like to achieve next.

Contact Us

Every small business should be creating a cash flow report for their financial performance. If you would like advice from our team or require our cash flow services, do not hesitate to contact us. Coleman & Co are happy to help any business in Lisburn and discuss any requirements you have. Call us today on 028 9266 3599 or fill in our contact form to make an enquiry.

How To Create Your Business Budget

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Whether you are a start-up business or experienced owner limiting your costs is essential. Creating a business budget is not the easiest task and ensuring it is accurate and useful for your business can be tough. Our team will always guide you through what to include in your budget.

Coleman & Co offer advice to all businesses throughout the Lisburn area. As a result, you will always have a good understanding of your business budget and how to create it accurately.

Why Create A Business Budget?

Many businesses will have budgets for each department of their business or just one big business budget for the entire company. Despite this, some businesses will still fail to create a budget, meaning there is no limit on your spending. A business budget is essential for every business to continue to grow, whilst maintaining your success and a healthy profit. Budgets will:

  • Allow Growth
  • Cover Running Costs
  • Lower Spending
  • Prioritise your Expenditure

Although the main reason for budgeting is to reduce your costs, they will also offer several other benefits that improve your business. Having a good financial performance all revolves around your business budget and without the correct budget, there will never be extra money available for growth within your business. Whether you decide to save money on staff wages, product costs or running costs, a budget must be created.

Identify Expenditure

If your costs are already low and couldn’t possibly get lower, budgets may be useless. However, identifying where your main cause of expenditure is should help you create your initial budget. Whether you create a budget for every department or just one big one, it will still contain costs from different sections of the business.

Once you have identified where the most and least money is being spent, you can begin to create an accurate budget. Whether you increase the budget to spend more money in a more successful area or choose to lower the costs everywhere in your business, putting a limit on spending should always be completed quickly.

This will mean you only spend the money where payments are actually necessary. You will have more leftover money to use for growth or incentives, rather than wasting it on unneeded products.

Test Scenarios

Forecasting is a useful tool for every business to plan how much profit they can make over a period. But just one forecast may not be enough to ensure your budget is created accurately. Creating a range of cashflow forecasts, using different budgets in several scenarios, will help you identify what revenue each budget could bring to the business and what your possible minimum and maximum budget is.

Testing several scenarios allows you to identify which budget worked best for the business and create the largest profit margin. The best budget can be used as an experiment to monitor if an accurate profit is created. If this is a success, your business budget can be created easily.

Consider One-Time Costs

Not every cost within a business can be accounted for and sometimes surprise payments could be made. When this is the case, your budget should already be made with any potential one-time costs being considered. Therefore, adjusting your business budget for any one-off payments that could be made, your business will never be caught off guard with any financial issues.

Shock payments could occur at any time and if you are unprepared, it could seriously impact your revenue. Your financial performance as a business should always be a priority and creating your budget whilst considering all potential issues is a must.

Contact Us

Coleman & Co can help all businesses throughout Lisburn organise an accurate and successful business budget. If you require advice regarding your finances and business budget, our team are happy to discuss all your needs. Contact us today on 028 9266 3599 or fill in our contact form to make an enquiry.

Why Should Invoices Be Managed Online

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Living in a digital world, managing your invoices and transactions is just another task that has been made easier by going digital. Not everybody has used these benefits but managing invoices using online software could significantly help your business.

Coleman & Co have the correct software available for all clients so invoices can always be completed correctly, with no errors whatsoever.

Send Invoices Immediately

No matter when you complete a transaction, how frequently you do it or who’s involved, an invoice can be sent immediately. Your customer will always want to record what payments they have made to your business. No matter when you complete the transaction, your customer will receive an invoice quickly after any payments they have made.

With the correct software, you can also send invoices from anywhere and schedule invoices to be sent at specific times. The sooner an invoice is sent to your client, the sooner you will get paid. By scheduling invoices for the specific time and date payments are required, you never have to worry about sending the invoice on time.

You should always be tracking customer payments effectively. If payments fail to go through and you have no record of invoices, you could easily lose money without even realising.

Invoice Tracking & Record Keeping

Whether this is for your business reasons to create business forecasts or for legal reasons, you should always record keep. Your business’ financial records should be kept for a minimum of 6 years. If investigations are ever made or payments to the HMRC are required, tracking invoices will be of a huge significance.

By recording all invoices over a large period, you can use this to assess current and future business performance. You can compare and monitor just how much your business is improving or look at why performance has not improved. Using the correct software will help you record invoices with ease and without any paperwork being required. This gives you easy access to invoice data whenever you require it!

With tracking, you can view all payments that have gone through, all payments due to go through and those that are overdue. This way you never lose out on any money within the business and you stay on top of all invoices.

Lower Costs & Time Consumption

This can often be very time consuming for every business. If all payments go through smoothly, there is no issue at all. However, this is not always the case and problems will arise with your invoices over time. Not only could this cost the business money, but sorting your invoices effectively is a time-consuming process.

Although using online and digital software will not completely eradicate the process, it can massively speed it up. Searching for previous invoices is much easier using a system and spotting the payments of every individual client can be found. This allows you to find where payments have been missed and how much customers owe you through invoice tracking.

Not only will you improve your profits by doing this as you ensure services are only completed for the correct payments, but you will also reduce running costs. Completing financial management manually using paperwork provides you with more costs than online software. Software ensures there are fewer errors, fewer costs and less time taken managing your finances.

Tax Purposes & Business Revenue

Cash flow is important for every business and managing invoices ensures you get paid correctly and on time. In addition to this, the payments you will receive will also require taxation. When calculating your tax, it makes it much easier having all previous invoices available on one software.

All taxes throughout the year must be calculated before making payments to the HMRC and it must be entirely accurate. When using an online software, the tax can be calculated instantly. This means when it comes to making tax payments at the end of every tax year, what you have taxed customers is easy to locate within the bespoke software and invoicing systems.

Contact Us

Invoices should always be managed online and using the correct software offers many benefits to every business. If you would like to discuss the services available or require assistance with invoicing, do not hesitate to call. Coleman & Co will respond to any enquiries to advise and support your business in the Lisburn area. Call us today on 028 9266 3599 or fill in our contact form for a quick response.

Organising Payroll & Minimum Staff Wages

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Paying your staff the correct amount of money should be an essential for every single business. Despite this, many businesses continue to underpay staff wages throughout the year, without their employees knowing.

Coleman & Co can help all businesses throughout Lisburn organise payroll and minimum staff wages correctly, so staff members will never be underpaid.

Minimum Wage Pay

Many businesses choose to employ apprentices or give minimum wage to save costs. Although there is no problem with this, you must ensure minimum wage is given. This is a legal requirement and if you fail to comply, you could be given fines which will only cost your business more money.

With 179 employers being fined £1.3 million for underpaying staff last year, this is an easily made mistake. Big companies such as Wagamama, TGI Fridays and John Lewis have all made previous errors in staff payments. If big companies can make these mistakes, it could easily happen to any small business.

Having an accountant to keep your payroll organised will mean any errors are spotted and amended before becoming an issue.

What Is Minimum Wage?

Minimum wage varies for each staff member, allowing you to give a lower minimum wage to certain staff members than others. Minimum wage is also different for apprentices and you should always understand the different minimum wage rates available. These are the minimum wage rates you must always adhere to for any staff member:

  • Apprentice – £3.50
  • Under 18 – £4.05
  • Aged 18-20 – £5.60
  • Aged 21-24 – £7.05
  • 25 & Over – £7.50

Minimum wage will increase again in April 2018 and your staff wages will have to adhere to the changes made. You should always keep up to date with minimum wage changes to ensure your business will not receive fines. Our accountants can keep you updated and adjust payroll to meet all legal requirements.

Sick & Holiday Days

The majority of workers are entitled to a minimum of 5.6 weeks or 28 days paid holiday. In addition to this, staff are also allowed to have sick days, with Statutory Sick Pay being a legal requirement. Staff members could also change holiday to sick leave, which would allow them to be paid for Statutory Sick Pay.

If you are only off for one, two or three days, you are not qualified for any sick pay. If you are off for four days in a row, you will then qualify for sick pay. You must be given a minimum of 28 holiday days, however, this could also include bank holidays, if your employer decides to allow this. If you are paid for the 8 UK bank holidays, you will not be entitled to these 8 days holiday.

Keeping Payroll Organised

Every business wants to keep their staff happy and the correct payment will ensure you do this. To keep payroll organised, you must always adjust staff wages to be in line with minimum wage and any changes. Accountants will always make sure your payroll is adjusted to keep your staff members happy and reduce errors.

You should also keep a record of all payments made to your staff members. As the HMRC will review your taxes and staff wages, you must keep a record of all payments to submit the correct financial information. With the correct records available, you will not risk giving incorrect information to the HMRC.

Contact Us

Your payroll should always be organised and staying on top of minimum staff wages is essential. If you need advice or assistance regarding your payroll, our team will always help in Lisburn. Coleman & Co provide several services and will always discuss your requirements for any service. Call us today on 028 9266 3599 or fill in our contact form to make an enquiry.