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How do you transition from self-employed to being an employer and dealing with a payroll?

For many who start off being self-employed and running your own business, to begin with there is often the feeling you don’t need professional bookkeeping as there is insufficient business. However if you are any good at what you do, eventually doing your own bookkeeping will eat into time you could spend earing money, and then you have to question the wisdom of your ways. Then you will probably look to expanding the business by taking on couple of employees. It makes sense if the business needs to expand, that there is sufficient extra work that your new employees can do, and you have a long-term plan to employ more staff. However once you start to take on staff, all of a sudden you start making the unavoidable transition from worker to manager/employer, which is a different role altogether.

Asides from having to sort out about employer’s insurance liabilities, you need to start thinking about pay. How do you pay employees and how do you work out how much tax you should deduct? What about different allowances and what do you do if deductions have to be made for child maintenance? What about child support, working tax credits and a myriad other things to take into consideration? All of a sudden doing the payroll isn’t just a question of calculating how many hours they have worked and multiplying that by an agreed hourly rate. Then you have to spend time allocating work, overseeing what they do, and making sure they are working when they should be. With all that to deal with, when do you get the time to work yourself? The answer is, you don’t. Well not unless you learn to delegate, and here we mean delegate all your financial paperwork and bookkeeping, payroll and other appropriate aspects of the business to qualified bookkeepers such as ourselves at SK Bookkeepers, London. If you are thinking of making that transition from one-man-band to a larger business but think you may need advice, why not call us at SK Bookkeepers, London, and let’s see if we can come up with an affordable plan to help you make that successful transit

Why SK Bookkeepers

1 Free initial and subsequent consultations
2 Fixed fees, no surprises
3 No fixed term contracts, no tie in periods
4 Dedicated email team for general accounting advice
5 Quarterly income and expenditure reports including estimated tax liabilities
So many others have chosen SK Bookkeepers, why not you?
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