In accounting, payroll refers to the amount paid to employees for services they provided during a certain period of time. Payroll plays a major role in a company for several reasons. From an accounting perspective, payroll is crucial because payroll and payroll taxes considerably affect the net income of most companies and they are subject to laws and regulations.
HM Revenue & Customs expects accounts to be prepared in accordance with generally accepted accounting principles; these are protocols for dealing with different types of accounting entries. Preparing your accounts also enables our partners to apply other areas of expertise in identifying tax planning opportunities, making bookkeeping recommendations or spotting PAYE or TAX issues of which you may not have been aware.