Top 3 Challenges of Managing Payroll in 2019
Each year brings new payroll changes and new headaches for payroll managers. In 2019, there are several updates to regulations that will present challenges for processing payroll. Here are the top 3 challenges facing payroll in 2019:
1. HMRC and Non-Compliance
Running payroll and adhering to HMRC filing requirements continues to be a struggle for many companies. Fines from HMRC continue to be reported in the news, with many high profile companies facing penalties. HMRC fines can be due to incorrect calculations, late filings, reporting errors or omissions, and end of year tax issues. Ensuring your payroll process complies with PAYE rules, taxes are reported and filed on time, and errors are corrected immediately will help reduce your risk for fines and penalties from HMRC in 2019.
2. Brexit and Data Security
Now that 29 March 2019 is just around the corner, there will be changes for employers who transfer data across borders. Ensuring your UK and EU employee payslip and personal data is secure, not using email for communicating sensitive data, and providing auditable tracking of data will be vital to ensure compliance with GDPR and privacy guidelines across the EU and UK.
3. Changing Regulations
Each year there are changes to payroll and tax regulations. In 2019 there are changes to auto-enrolment contribution minimums, student loan threshold, new data requirements on payslips, and changes to Welsh taxation as well. Payroll processes need to account for all of these changes and maintain compliance with implementation dates.
Managing payroll is challenging, and with new changes in 2019 it gets even more complicated. If you are struggling to keep up with payroll regulations or HMRC requirements, we can help. Our easy-to-use payroll technology provides compliant, secure payroll, and automatically updates each year with new changes. Our CIPP-certified staff ensures compliance and can help when questions come up. Learn why Payescape was named Best All-Around Provider in 2018 by Expert Market for our superior technology and service. Click here to learn more