Starting a Payroll Bureau

[laurab2806]

Hi,

I'm keen to become self-employed and set-up my own payroll bureau. Has anyone here done this already, or is in the process of doing so, as I'd really appreciate some guidance?


Many Thanks
Laura

 

[Clinton]

Hi Laura, I haven't owned a payroll business before, but if you want to contact me privately I know of a nice little (relocatable) payroll company that's for sale as the owner is retiring.

I normally deal in much larger companies, not businesses like this one (£60K turnover, £30K-£40K in profit) - and I don't make any commission on the sale of this one - but it would be a great way for someone like you to get up and running very quickly.

It takes a long, long time to build a client base so if you have the capital to spend on setting up a company, marketing it etc you could hit the road running so to speak if you buy an existing small practice and use its cash flow to advertise and bring in further business.

 

[Scalloway]

You must register for money laundering.

https://www.gov.uk/guidance/money-laundering-regulations-register-with-hmrc

Professional indemnity insurance is also a must

https://www.simplybusiness.co.uk/insurance/professional-indemnity/

 

[GlennMiddleton]

I would write a business plan, account for people not paying, setting a side time to chase people who need prompting to pay.

 

[Newchodge]

I would write a business plan, account for people not paying, setting a side time to chase people who need prompting to pay.

In my business, the terms are payment in advance. No payment, no payroll, and they get one email reminder if there hasn't been a payment when due. All my clients seem to find it completely acceptable. It's slightly trickier with the employment law side of things, which is the main focus of the business, as the charges may not be quantifiable in advance.

 

[Rory Adamson]

What software did you go for and why. I am thinking of doing the same.