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Cheap accountancy for contractors in Chester

Setting up business is an exciting time for contractors, especially in a busy and diverse city like Chester, and there are some functions which it makes sense to outsource.

All UK businesses making payments, reimbursing expenses or providing benefits to their employees are obliged to consider the taxation implications of HMRC. Such businesses must provide and utilise the Pay As You Earn (PAYE) system to ensures that the correct tax and National Insurance contributions are collected and passed to HMRC.

Operating a payroll service can be time-consuming for busy contractors, since they need to apply most of their time to overseeing and marketing their businesses in order to keep business coming in. Contractors must, however, understand the obligations of registering for and using PAYE. The prompt payment of taxes and timely submission of numerous HMRC forms is part of the PAYE function. There are interest charges and severe financial penalties imposed by HMRC for failure to comply with filing requirements. Outsourcing the payroll function could be part of the provision of cheap accountancy for contractors in the Chester area.

Contractors who outsource their payroll function can relieve themselves of a huge administrative burden. They will find that experienced and highly-trained people will operate the service for them. These skilled professionals are aware of every change to legislation affecting the PAYE system that will have repercussions for the businesses with whom they are associated. When a business owner becomes and accountants’ client, all they are are required to do is notify the payroll operator of their employees’ hours, remuneration, commission, bonuses, holidays and sabbaticals, sickness, maternity and paternity leave and other details as required.

There is an old adage that you only get what you pay for and that quality is not necessarily cheap. Accountancy for contractors in Chester, however, is reasonably priced and Wainwrights Limited is one company that can help contractors with all their financial and taxation requirements.