{"id":23706,"date":"2023-06-27T12:14:12","date_gmt":"2023-06-27T12:14:12","guid":{"rendered":"https:\/\/www.moorethompson.co.uk\/?p=23706"},"modified":"2023-06-27T12:14:12","modified_gmt":"2023-06-27T12:14:12","slug":"why-getting-your-payroll-right-is-so-important","status":"publish","type":"post","link":"https:\/\/www.moorethompson.co.uk\/mt-pay\/payroll-press-articles\/why-getting-your-payroll-right-is-so-important\/","title":{"rendered":"Why getting your payroll right is so important"},"content":{"rendered":"<p>For businesses, their most important asset is their staff, so keeping them happy is key to maintaining a successful business.<\/p>\n<p>The most important area is payroll and given the cost-of-living crisis and rising costs, getting it right is even more crucial.<\/p>\n<p>If it goes wrong, then the consequences could be severe and could affect not only the worker but the business itself.<\/p>\n<p>Mistakes happen. Sometimes, payroll and human resources make errors. They may dock\u00a0you a couple of hours or forget to issue a payslip on time for some reason or another. The key is that they must correct their mistakes quickly or risk legal trouble.<\/p>\n<p>You have a right to ask for it to be corrected. You also have a right to ask your employer to ensure it never happens again.<\/p>\n<p>What must be in a payslip?<\/p>\n<ul>\n<li>Gross amount, which is the total pay before deductions<\/li>\n<li>Net amount, this is the total pay after deductions<\/li>\n<li>Deductions for Income Tax, National Insurance, student loan repayments and pension schemes which can be variable<\/li>\n<li>How wages will be paid if more than one payment method is used, for example bank transfer and cash<\/li>\n<li>Fixed deductions, for example, gym membership or union subscriptions<\/li>\n<\/ul>\n<p><strong>Effect of payroll errors<\/strong><\/p>\n<p>Low employee morale can affect productivity, the team\u2019s overall morale and can even result in employees leaving, which will cost you even more in recruitment costs.<\/p>\n<p><strong>Loss of trust \u2013 <\/strong>Once trust is lost, an employee may become demotivated and look for other employment, with a potential drop in productivity.<\/p>\n<p><strong>Reputation damage \u2013 <\/strong>Not paying employees on time can damage a business\u2019s reputation with prospective employees deterred from applying.<\/p>\n<p><strong>Wasted time \u2013 <\/strong>Correcting errors is time-consuming and damaging to the business as the payroll department has to deal with angry staff.<\/p>\n<p><strong>Tax complications \u2013 <\/strong>Interest and penalties may be levied by HM Revenue &amp; Customs (HMRC) where a person is\u00a0late in making payments of PAYE\u00a0tax and National Insurance Class 1\/1A\/1B NIC in the tax year.<\/p>\n<p>If the monthly payroll process is a struggle for you, why not find out how our effective payroll services can make your life easier and help you avoid the pitfalls of getting things wrong?<\/p>\n<p><a href=\"\/contact-us\/\"><strong>Speak to our experienced payroll team today<\/strong><\/a> for support and advice.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>For businesses, their most important asset is their staff, so keeping them happy is key to maintaining a successful business. The most important area is payroll and given the cost-of-living crisis and rising costs, getting it right is even more&#8230;<\/p>\n","protected":false},"author":1,"featured_media":5522,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[5],"tags":[],"class_list":["post-23706","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-payroll-press-articles"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.8 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Why getting your payroll right is so important - MT Pay<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.moorethompson.co.uk\/mt-pay\/payroll-press-articles\/why-getting-your-payroll-right-is-so-important\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Why getting your payroll right is so important - MT Pay\" \/>\n<meta property=\"og:description\" content=\"For businesses, their most important asset is their staff, so keeping them happy is key to maintaining a successful business. 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