Businesses affected by Coronavirus can still access the Recovery Loan Scheme (RLS) launched in April,…
Covid-19 has presented many challenges for employers, but perhaps one of the most overlooked has been the demands on payroll teams.
With 9.6 million jobs across the UK furloughed under the Coronavirus Job Retention Scheme, ensuring all these employees are paid correctly and on time has been an enormous administrative undertaking for the 1.2 million employers involved, or their payroll providers.
During National Payroll Week, the Chartered Institute of Payroll Professionals is highlighting the important role of payroll teams in keeping the UK paid. The week is also designed to demonstrate the impact the payroll industry has through the collection of income tax and National Insurance, which is expected to contribute approximately £325.7 billion to the UK economy in 2020/21.
For FC Payroll Solutions, it has certainly been an exceptionally busy time since lockdown started, so it feels like a good opportunity to recognise the hard work our teams in Poole, Torquay, Truro and Bristol have put in to support our clients during the pandemic.
They have risen to the challenge of dealing with complex furlough calculations at the same time as all the usual PAYE year end tasks, all while adapting to the completely new practice of remote working. Thanks to their hard work, 17,600 of our clients’ employees have been paid on time each month, meaning one less thing for them to worry about.
We saw a 50% increase in enquiries from clients during the first three months of lockdown, emphasising the need for reassurance and advice about the furlough scheme. Clients have been grateful for this support, with one even commenting: “We are clapping every Thursday for the NHS and for payroll service providers.”
While, of course, we wouldn’t compare ourselves to those working on the frontline in the NHS, it’s good to know that our efforts have made a difference for our clients at this difficult time. After all, the last thing employers or their staff need – especially at the moment – is the added stress of late or incorrect salary payments.
Though often taken for granted, payroll is a business critical function which we are proud to take care of for our clients, enabling them to focus on all the other challenges the pandemic has brought for businesses.