Don’t know your HRIS from your HRMS? Discover the meaning of the latest UK payroll and HR terms and abbreviations with this free glossary.
Making Tax Digital Making Tax Digital is a government programme that means businesses must use computer software for their accounting, so can no longer rely on paper book-based ledgers. MTD went live from 1 April 2019 for VAT payments. The aim of MTD is to make tax admin more efficient, effective and simpler for taxpayers.
Managed payroll Managed payroll is when a business outsources its payroll to a third party. This can either take the form of partially or fully managed payroll, depending on how much control over its payroll the company wants to keep.
Managed payroll services Managed payroll services are provided by third-party experts whom a business may contract to take over their payroll. Services will include running an accurate, timely payroll, calculating staff deductions or expenses and ensuring that all compliance obligations are met.
Managed payroll solutions Managed payroll solutions are when a company outsources its payroll, either partially or fully, to external payroll experts. They will use cloud-based software to streamline and automate payroll processes. Benefits of these solutions include automatic compliance, plus saving time and money.
Mid-market enterprise Mid-market enterprises employ between 100 and 2,000 employees, although this number varies. The average annual revenue for a UK mid-market firm is between £15m and £800m. They play a key role in UK and other top European economies, generating one third of private sector revenue. (Source: The Mighty Middle (essec.edu)