The reality is that a spreadsheet alongside a box of receipts just isn’t going to cut it when it comes to maintaining accurate accounts for a small business. Even if you’re a one-man-band, a sole trader or a micro-business that only has a couple of employees, accessing some form of accounting software is going to be essential in order to keep accurate, up-to-date books.
If you run a business, how to calculate payroll taxes is a key skill to have. Even if you have no employees, you will still need to calculate how much payroll tax you’ll have to pay as an individual.
Here we take an in-depth look at payroll tax, including information on what it is, different methods of calculating payroll taxes and how feasible it is to manage your payroll tax calculations in-house.
As a small business, you most likely have a lot on your plate. Trying to manage your products, services, employees, customers and finances can seem like an impossible juggling act. Often, in the day-to-day operations of a small business, payroll can become a forgotten and rushed task. Below we outline common payroll mistakes your small business could be making.
A pay rise request can be tricky to handle, and both personal and organisational issues have to be considered in the deliberation process. It can be emotional as well. In this post, we’ll discuss the steps you can take to manage this and incorporate the practice into your payroll management system.