Outsourced Payroll
Payroll is Key to Employee Satisfaction
Accurate payroll management is critical for employee satisfaction and legal compliance. From paying staff on time to handling statutory deductions and benefits, every detail matters. But managing payroll can be a complex and time-consuming task.
Our service
Our expert payroll service is designed to save you time. Whether you’re a small business without an in-house accounts department, or a larger business seeking flexible support, outsourcing payroll to Phinch offers peace of mind. We handle the intricacies, so you can focus on what matters most to your business. Plus, our services are affordable and cost-efficient.
Benefits in Kind
Benefits in Kind refer to non cash benefits provided to employees, these have a monetary value and are subject to tax.
Common benefits are as follows:
- Company cars and fuel: Cars provided to employees are taxed based on the vehicles list price and CO2 emissions. Any fuel provided for personal use is also taxable,
- Private medical insurance: The cost of providing insurance is taxable on the value of the premiums.
- Accommodation: If you provide accommodation to an employee it will be considered to be a benefit and will be taxable.
- Fitness benefits: Gym memberships and fitness classes provided by an employer are taxable.
There are many potential benefits that are provided to employees that need to be reported, if you are considering offering or already offer non cash cash benefits please book a call to discuss the tax implications.
All identified benefits need to be reported annually by 6 July following the end of the tax year on form P11D. The Company will pay Class 1A national insurance and the value of the benefit will be added to the employees taxable income.
Testimonials
Mike Perry
The whole team are incredibly helpful and great at what they do. I can't recommend them enough!
Malia Brown
Thank you to [The Phinch] team for all your support over the years. It's very much appreciated and valued.
Grace Eden
Excellent guidance through process with a high degree of expertise. A very smooth experience.
Jennifer Muller
I have used [Phinch] services for many years. [The] team have guided me through the complicated processes of US taxes as an expat, and stayed on top of any changes in filing rules. Highly recommended.
Larissa Bulla
[The Phinch] team have been incredibly helpful in the preparation and filing of my US tax returns and FBAR submissions, even when I have been less than fully organised. The team are always prompt and professional. They stay abreast of changes in annual tax rulings and have helped me secure rebates or stimulus payments where these are due. I highly recommend this company.