You may be aware that next week (3–7 September) is National Payroll Week, which is designed to “raise the profile and awareness of payroll in the UK”. But what exactly is payroll, and why should we celebrate it?
Essentially, ‘payroll’ refers to everything to do with paying employees and collecting taxes from them, and it has a significant impact on the country’s economy. According to the Chartered Institute of Payroll Professionals (CIPP), payroll contributes £4.46 billion to the economy each year through income tax and national insurance.
Exactly what form your payroll takes will depend on the type and size of business you own: perhaps you handle all payroll matters yourself, or maybe you have one or two employees, or even an entire department, dedicated to it. Whatever your payroll looks like, it’s a vital part of your business, and next week’s celebrations are a great opportunity to recognise that. With that in mind, here are a few of the ways you can prepare your business for National Payroll Week.