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Myth A: Only large companies need to outsource payroll is FALSE. In reality, payroll can be a significant time drain and burden for businesses of all sizes, especially in the UK with its ever-changing regulations.
Understanding HMRC(His Majesty's Revenue and Customs) requirements for payroll compliance: Here's a few key requirements for ensuring compliance: 1. PAYE (Pay As You Earn): Registration: As an employer, you must register for PAYE with HMRC. Tax & National Insurance: Deduct income tax and National Insurance contributions from your employees' salaries at the source.