Payroll Administration

First Year Payroll Administration

Our First Year Payroll Administration is a bespoke service and is only available by contacting us at customerservices@primeformation.co.uk or calling us on 0333 533 0264.

Prime Formations offers a fully managed payroll service for employers of newly formed companies or for companies taking on staff for the first time.

As a result of the complexities of monthly or weekly payroll administration, new, everchanging and complicated legislation including a stiff regime of penalties, and HMRC RTI [Real Time Information] filing, most employers find it cost-effective to outsource the payroll function.

Again, third party payments such as Student Loans, Arranged Payments and Pension Administration including Pension Auto Enrolment provides further reasons why most employers particularly newly incorporated companies, find it convenient, less stressful and time-saving to engage our payroll administration services.

The Process

Once you place an order for our 1st year Payroll Administration service we would engage the following on your behalf:

• Provide HMRC Starter forms for all your newly employed staff
• Determine staff who qualify to be automatically enrolled for pension under the Pension Auto Enrolment scheme
• Register you with The Pensions Regulator
• Register you with any Pension Provider of your choice
• Monthly Pension Administration
• Obtain the monthly payroll schedule with detailed information on how many hours were worked by staff, the hourly rate or annual salary and any overtime, deductions and additions to the payroll
• Obtain a leavers information sheet where applicable
• Monthly PAYE, National Insurance, Statutory Maternity Pay [SMP], Statutory Paternity Pay and Statutory Sick Pay [SSP] Administration
• Validate and verify all data received
• Input the payroll data into our payroll software
• Review the output and forward it to you to check, confirm and authorise
• Production of electronic payslips or e-payslips
• Full Payment Submission [FPS] or Employer Payment Summary [EPS] to HMRC
• Production of online Real Time Information [RTI] schedule and submissions
• P45 for leavers
• Yearend processes and procedures and the production of P60s and P35s

Accountancy and Tax Service

Our Tax and Accounting Division-Prime Formations Partnership (a Firm of Qualified Accountants) would deliver 1st Year Payroll Administration Service as follows:

One-Off Set-up Fee with Pension Requirements £375 plus VAT

The one off set up fee includes the following:

• HMRC Employer Registration
• Payroll Setup on our software systems
• Registration with The Pensions Regulator
• Registration with any Pension Provider of your choice

One-Off Set-up Fee without Pension Requirements £150 plus VAT

The one-off set-up fee includes the following:

• HMRC Employer Registration
• Payroll Setup on our software systems

Payroll Service £55.00 Plus VAT per month [Up to 5 Employees per month]

Our Payroll Service is charged at £55.00 per month for an employer with up to 5 members of payroll staff. Additional employed staff is charged at £7.50 plus VAT per staff per month.

To ensure that we do not run foul of HMRC deadlines for RTI submissions, your payroll schedule must get to us by the 18th of every month. We aim to turn around the payroll and make submissions 5 working days from the date we receive your payroll schedule.