Payroll Set Up Quote Enquiry

Discussion in 'Accounts & Finance' started by DavidB123, Jan 17, 2020.

  1. DavidB123

    DavidB123 UKBF Contributor Free Member

    30 1
    I have a small (One Property) Property Investment Ltd Company with two Directors. I would like to start taking a Director's salary from the business and my accountant has quoted me;

    -one off payroll setup fee of £150 + VAT.
    -Monthly ongoing admin fee of £20+VAT.

    Our fees cover completing the Employer registration with HMRC and to set up your payroll on our system. The monthly administration covers payroll for 1 director at this price band which includes communications with HMRC, the monthly P32 reports in accordance with RTI regulations, and the annual P60s. We also provide you with basic HR support as it relates to payroll legislation e.g. National Minimum Wage/National Living Wage; statutory sick pay, maternity & paternity pay, working time directive, holiday entitlement, RTI requirements.

    Is this good/market value for the work involved or is it straight forward enough that I could set up myself?

    Posted: Jan 17, 2020 By: DavidB123 Member since: Nov 14, 2016
  2. SteLacca

    SteLacca UKBF Ace Free Member

    1,626 320
    I would neither pay, nor charge that for such a simple payroll.
    Posted: Jan 17, 2020 By: SteLacca Member since: Jun 16, 2016
  3. DavidB123

    DavidB123 UKBF Contributor Free Member

    30 1
    I see. What I am really trying to find out is if this is something I could do myself. Would you, or anyone, be able to recommend any resources or software which would allow me to do it manually?
    Posted: Jan 18, 2020 By: DavidB123 Member since: Nov 14, 2016
  4. ecommerce84

    ecommerce84 UKBF Regular Free Member

    709 234
    Set up for payroll is very straightforward, as is running payroll for a small number of people.

    I do ours myself for my 3 employees using which costs £6.50 per month + VAT. I can submit my monthly RTI and create P45’s and P60’s when needed.

    As it’s just you do you even need all the ‘extras‘ they are offering as part of the basic HR package?
    Posted: Jan 18, 2020 By: ecommerce84 Member since: Feb 24, 2007
  5. DavidB123

    DavidB123 UKBF Contributor Free Member

    30 1
    Nice one, I will check that site out. Do you know if you are able to pay yourself an lump sum through this site?

    Yes you’re probably right about the extras.
    Posted: Jan 19, 2020 By: DavidB123 Member since: Nov 14, 2016
  6. Scalloway

    Scalloway UKBF Legend Free Member

    15,781 3,334
    If you pay yourself a lump sum it stll has to go through PAYE unless your company declares a dividend. The good new though is that as a director you pay NI on an annual basis so you won't get hammered for NI if you set the payroll up correctly.
    Posted: Jan 19, 2020 By: Scalloway Member since: Jun 6, 2010
  7. Newchodge

    Newchodge UKBF Big Shot Free Member

    13,561 3,537
    The quote is very high. It is something you can do yourself, and as it is only for 1 direcor it will probably not cause issues. You can use HMRC Basic PAYE tools for free, although it is, as the name states, BASIC.

    Alternatively you may want the peace of mind of having it done professionally.
    Posted: Jan 20, 2020 By: Newchodge Member since: Nov 8, 2012
  8. MyAccountantOnline

    MyAccountantOnline UKBF Legend Full Member

    12,983 2,414
    I wouldnt say it was extortionate but you will certainly find accountants who will charge much less.

    My firm charges £10 plus VAT per month to run a single directors payroll.

    Its like anything you can do it yourself if you want to spend the time doing so or use someone who is cheaper to do it for you.

    Payroll itself is relatively simple for a single director but I say that as an accountant - it's very easy to miss something or make a mistake if you dont know what you are doing.
    Posted: Jan 20, 2020 By: MyAccountantOnline Member since: Sep 24, 2008