On Dec 22, 2008, at 9:10 PM, Andrew Stirling wrote:
> In the UK you have to keep 3 years of payroll records, that does not
> include the current year.
> For Accounts you have to keep 7 years records, again that does not
> include the current year.
> The Revenue may well be asked how your accounts produced that wage
> bill,
> in other other words you have to keep 8 years worth of payroll!!!!
>
> I think an online system will not be able to do this.
> If you shut your business you will have to keep your subscription
> going
> for 8 years after you finish!!
>
> When I think of the changes that have occurred over the past 5 years,
> let alone 8 years in the Payroll system then it is quite mind boggling
> to think that a current payroll can resolve all the adjustments.
I'm not talking about an online payroll program, or anything that
simple. I'm talking about companies such as Paychex or EDS or several
others that handle everything to do with payroll, including reporting
and archiving records. If you get audited, you are *much* better off
having a certified company like this, as they don't miss a trick. They
have people who do nothing except keep up with the tax laws, in order
to make sure that their clients are not exposed to any liability,
because it would cost the payroll company as much if not more.
-- Ed Leafe
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