The expertise of accountants can prove to be valuable for SMEs who make errors with payroll. A survey by Intuit QuickBooks involved 2,000 UK employees. The research was about what they understood regarding their payslips. The findings include numerous confusions. These were about tax codes and responsibility when it comes to checking the details.
This survey found that 77% incorrectly believe they are not responsible for checking that they pay the correct amount of tax. In addition, 45% of people were paying more tax than they should have. This was because of mistakes thanks to misunderstandings surrounding payroll. Furthermore, 66% did not realise that multiple jobs affects tax, and 19% don’t actually check their payslip.
This highlights the face that SMEs need more help from accountants.
A confusing area
There are many different factors that go in to pay and any changes that happen. This leaves people lost and a little confused, especially since taxes are complex. The research shows that paying too much tax is commonly thanks to issues with payroll. Examples can include being on the incorrect tax code and mistakes with deductions like childcare vouchers.
QuickBooks’ research found that this problem is especially prevalent with smaller businesses. Employees need additional guidance regarding getting tax codes and other things. This is an area payroll accountants can help with.
Where to turn for assistance
Employers and accountants can help make sure employees are paying the right amount of tax. By hiring an accountant, you can receive assistance in this area. In addition though, they can help with areas like financial planning, bookkeeping and decision making. This allows you to know that you are not making mistakes. You also get the chance to focus on other areas of the business knowing you are trusting a professional with your needs.
Ours is a handy directory for the whole of the UK. This makes it easier than ever to get help in whatever specialist area you need. Contact Accountancy if you have any queries.