Rea Posted March 13, 2014 Share Posted March 13, 2014 We suspected our payroll who is also our accountant, had some of our money. We pay a fixed amount each month to cover wages buy allow a little extra for overtime payments. I asked last week if we'd overpaid and by how much, the answer...£6371.00 which is being returned to us as I look for a new company to deal with our finances in the future. Check your company! 1 Quote Link to comment Share on other sites More sharing options...
Andreamay Posted March 13, 2014 Share Posted March 13, 2014 OMG Rea thats terrible! We dont use a payroll company but thanks for that! but hey nice little nest egg you have there! Quote Link to comment Share on other sites More sharing options...
sunnyday Posted March 13, 2014 Share Posted March 13, 2014 We suspected our payroll who is also our accountant, had some of our money. We pay a fixed amount each month to cover wages buy allow a little extra for overtime payments. I asked last week if we'd overpaid and by how much, the answer...£6371.00 which is being returned to us as I look for a new company to deal with our finances in the future. Check your company! You can't be serious - £6317.00........??? Quote Link to comment Share on other sites More sharing options...
Panders Posted March 13, 2014 Share Posted March 13, 2014 What were they doing with it? Putting it into an interest bearing clients account? Quote Link to comment Share on other sites More sharing options...
HappyMaz Posted March 13, 2014 Share Posted March 13, 2014 What were they doing with it? Putting it into an interest bearing clients account? Don't they have to do this by law? If so, there should be some interest to come back too! Quote Link to comment Share on other sites More sharing options...
Fredbear Posted March 13, 2014 Share Posted March 13, 2014 HappyMaz can you please explain what you mean by its the law? Quote Link to comment Share on other sites More sharing options...
HappyMaz Posted March 13, 2014 Share Posted March 13, 2014 Fredbear, I'm sure I read somewhere that companies who hold funds on behalf of their clients have to put it in a separate account - so that they do not benefit from the interest earned on their clients' funds. I can't give you any facts or sources though - maybe a google search is in order? Do let me know if I'm barking up entirely the wrong tree! Quote Link to comment Share on other sites More sharing options...
Harmony1985 Posted March 13, 2014 Share Posted March 13, 2014 Wowzers!! Quote Link to comment Share on other sites More sharing options...
lynned55 Posted March 13, 2014 Share Posted March 13, 2014 Well certainly thats true for rented accommodation. Quote Link to comment Share on other sites More sharing options...
Rea Posted March 13, 2014 Author Share Posted March 13, 2014 Fredbear, I'm sure I read somewhere that companies who hold funds on behalf of their clients have to put it in a separate account - so that they do not benefit from the interest earned on their clients' funds. I can't give you any facts or sources though - maybe a google search is in order? Do let me know if I'm barking up entirely the wrong tree! When we started with this accountant, one of the first things she told us was the previous payroll co. should NOT have kept our money, she banged on about it for ages. Since then she has often heard me and our treasurer complain at how poor we are, how we rob Peter to pay Paul and how the funding works. NEVER has she said we are paying way too much hence my search for a new company. Quote Link to comment Share on other sites More sharing options...
Fredbear Posted March 13, 2014 Share Posted March 13, 2014 Thank you HappyMaz I will investigate this and let people know if I find anything. Quote Link to comment Share on other sites More sharing options...
SazzJ Posted March 19, 2014 Share Posted March 19, 2014 I just pay all my wages myself and just have an accountant to deal with wage slips etc. I email them hours worked etc and they send paperwork and wage slips to me and I just adjust it via online banking if needs doing Quote Link to comment Share on other sites More sharing options...
Rea Posted March 19, 2014 Author Share Posted March 19, 2014 I just pay all my wages myself and just have an accountant to deal with wage slips etc. I email them hours worked etc and they send paperwork and wage slips to me and I just adjust it via online banking if needs doingOh that's a good way of doing things, I'll look into that Quote Link to comment Share on other sites More sharing options...
lynned55 Posted March 19, 2014 Share Posted March 19, 2014 Rea, that's what I do now- except I email info to our Treasurer, she emails back any adjustments to salaries and payslips. So like Sazzj does i make any adjustments via online banking and print out the payslips. has made life a lot easier and also means we can now make adjustments to salaries when required rather than waiting until whoever had time to write a letter, get it signed and then take to bank Quote Link to comment Share on other sites More sharing options...
SazzJ Posted March 21, 2014 Share Posted March 21, 2014 I think we pay about £400 a year for the accountant to deal with the wage book etc but I just email hours worked and I receive payslips, wage book and HMRC tax information via email and post. I then usually just have to adjust one wage as her hours vary (rest are on salary) and HMRC to ensure correct tax and NI is paid to them which is just set up via a standing order to leave account on the 16 th of each month Quote Link to comment Share on other sites More sharing options...
Cait Posted March 22, 2014 Share Posted March 22, 2014 I use Moneysoft and I have for years. It's a fantastic easy system which I will be handing over to my deputy soon. If you google it you should find it. It does all the tax ni etc. it helped with statutory sick pay, maternity pay etc. it's updated regularly so any changes come before I do the pay, it does RTI and end of year reconciliations etc P60 P45 P 11. Subcontractor bits. There are some policies in there even! It has new employer paperwork. It's just fantastic. It costs well under £100 a year - can't remember exactly, but varies for number of employees. The support phone team are brilliant and really helped with SMP and told me what to say to the taxman. It produces various designs of payslip that you can either print onto pre-printed sheets or onto plain paper.they have a Facebook page where you can ask questions too. Can't recommend it highly enough. I think the company is Money Manager, but if you google Moneysoft you should find it. 2 Quote Link to comment Share on other sites More sharing options...
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