Payroll and Benefits for SMEs

Introduction

It is widely recognised that for the majority of businesses, their most important asset is their staff. The time and expense involved in hiring and training staff is huge, and therefore the issues surrounding recruitment and retainment of staff can be make or break for small and medium sized businesses.

One of the most obvious ways to keep staff motivated and loyal is to pay them well, and it is important that SMEs know how to ensure they remain within the law and that all paperwork is correctly processed and filed. As well as this, businesses are increasingly thinking about extra benefits and rewards they can offer their staff to improve their working life and keep them at the company. However, with extra benefits come extra legal implications and responsibilities.

This article aims to give SMEs a starting point regarding the legal requirements involved in staff pay, whether simply ensuring that all paperwork for general salaries is correctly filed or ensuring that benefits such as company cars and medical insurance are correctly administered.