Practice life may be brighter, so solve present and future payroll stress now with Wagemate
The Wagemate team explains how to destress your dental practice payroll administration.
Despite lifted restrictions this week, there may still be some way to go before we achieve “normality” and as an employer the last eighteen months has taught you that even a successful, profitable business has to have robust systems and controls in place to deal with any bumps in the road. And that’s not just about patient services; it’s also about the nuts-and-bolts managment processes that keep things running.
At Wagemate we know one thing that must keep on functioning, regardless of all the challenges, your payroll. Despite such factors as furlough, remote working, irregular schedules, and planned changes to legislation that will make payroll more complex – people must still be paid accurately, and on time. Add in employee benefits, pensions and the like, and the complexity of payroll administration goes way beyond wages.
It is possible that you still have some employees on furlough, or flexi-furlough (the scheme isn’t set to end until 30 September 2021). And plenty of dental practices have plans to add to their team this year. Which means that now could be the perfect time to outsource your payroll, saving yourself the hassle and stress.
If the changes to off-payroll working (IR35) that came into force after 6th April 2021 haven’t affected you so far, you still need to ensure that you identify new contractors who are working through a limited company, so they can be added to payroll, as per the new rules. Compliance to IR35 is going to be a key focus for HMRC, so don’t get caught out.
There is information available on the government website, but if you outsource to specialist payroll providers such as Wagemate, this will all be taken care of. You – and your contractor(s) – will be kept up-to-date and informed of what you and they need to do.
Also, since April 2021, employers must keep records that establish they have been renumerating at a rate at least equal to the national minimum wage for six years, rather than three as had previously been the case.
Other changes that have complicated payroll since 2020 include employment allowance (EA) increasing for eligible businesses, allowing them to reduce their NICs liability (subject to meeting certain conditions), plus new tax rates for company cars first registered at any time since 6th April 2020, to encourage the use of low or zero-emission vehicles.
And these are just a few examples; proving that the general direction of travel is to add more layers to the payroll process. Outsourcing to a specialist now would get you ahead of the curve, as well as free up time to concentrate on clinical treatment or business development and upscaling your practice.
Another huge benefit of outsourcing is that a premium provider such as Wagemate has access to the latest technology, so not only will upscaling be easier, but you will have peace of mind that personal data is being kept secure. Investing in the kind of technology that integrates all compliance changes and offers the flexibility and security that you need will be beyond the resources of most practices.
Many professions, including payroll, have adopted Cloud-based working to suit new ways of doing things – more hybrid working, for example. E-payslips rather than paper are great for your green credentials too, which is about getting ahead of change, rather than having change forced upon you.
Payroll is relevant, no matter how small your team is. Premium payroll providers are dedicated to good client relationships and being a “small” employer doesn’t mean you'll never have a payroll problem for which a solution needs to be found, and fast. Wagemate has your back.
Wagemate manages payrolls for all sizes of dental practice, letting them get on with their day-to-day business. Because it is a specialist provider, the latest measures will be accounted for and people will always be paid accurately – and if anything changes, we will also let you know how it could impact your business. If the going’s good, get ahead. Now is the time to take control of your future.