There seems to be a national awareness day or week for nearly everything these days, and yes, we at ESB Payroll are marking National Payroll Week (2 – 6 Sep).
This annual event — established by the CIPP (Chartered Institute of Payroll Professionals) in 1998 — honours the essential part that payroll professionals play in ensuring employees are paid accurately and on time.
The payroll industry has seen a huge shift in recent years from a basic administrative process to a strategic business function, due largely to technological advancements, regulatory changes and evolving dynamics in the workforce.
Many businesses now find it easier and more cost-effective to outsource the task to providers like ESB Payroll who can ensure complete accuracy at all times, and handle complex issues such as tax compliance and ever-changing employment laws.
National Payroll Week aims to raise awareness about the payroll process, but also to help individuals boost their financial literacy through educational events, and help them manage their finances more effectively.
CIPP is running various workshops this week to promote a better understanding of payroll practices and financial management.
In the wider sense, payroll processing is not just about ensuring that employees are paid properly. It also ensures that correct employment taxes are paid to HMRC, thereby having a significant impact on the economy as a whole.
As Chancellor of the Exchequer, Rachel Reeves, put it in a recent letter to the CIPP: "I recognise that payroll departments play a crucial role in supporting the UK tax
system and broader economy via the collection of tax and National Insurance."
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