COMPLIANCE
Fighting the rising tide
Edmund Paul, employment taxes manager, and Lindsay Yon MCIPPdip, international payroll team lead at Colt technology services, outline the wave of challenges facing industry professionals as they try and keep up with constant change in UK payroll
T he UK payroll industry is always evolving, influenced by new laws, technological advancements and changing business practices. Driven by complex tax regulations, statutory obligations and the overarching influence of Brexit, staying on top of these changes
advantages of this are far reaching, with a combined tapestry of global payroll knowledge brought together by our diverse backgrounds, experience and cultures. This allows us to tap into each other’s expertise during team meetings or brainstorming sessions, where we discuss challenges, share solutions and provide support. Keeping up with legislative changes We have found working collaboratively with other departments critical to
being aware of topical issues. Quarterly catchups occur with the tax team, human resources and legal, with the specific aim of collaborating on topical areas. In addition, we look to various sources to ensure we are aware of upcoming legislative changes. Our global payroll vendor often shares automatic updates to keep us on top of the latest regulations. Regularly monitoring official sources The first step in keeping up to date with payroll changes is regularly monitoring official sources of information. The HM Revenue and Customs (HMRC) website is a crucial resource, providing updates on tax codes, compliance guidelines and new legislation. Subscribing to HMRC newsletters, such as the Employer Bulletin, ensures that you receive the latest updates directly in your inbox. Government publications and official announcements are also key. These documents often detail upcoming changes and provide practical advice on
is not just best practice but crucial for payroll professionals to ensure
compliance and operational efficiency. For the Colt payroll team, this means ongoing learning and adaptation are not just beneficial but essential. We now have 18 members across the world and the
“The fast pace of change in payroll means we must keep learning. Participating in training courses, attending webinars and joining workshops ensures we are always up to speed with the latest regulations and best practices”
| Professional in Payroll, Pensions and Reward | September 2024 | Issue 103 22
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