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You are here: Home » Latest News » Three tips for managing maternity and paternity pay for small businesses
Three tips for managing maternity and paternity pay for small businesses
As experts in the field of accountancy, we understand the unique challenges business owners face when it comes to payroll.
We’ve put together three essential tips to help you manage maternity and paternity pay, ensuring legal compliance and employee satisfaction.
- Understand the statutory requirements: In the UK, employees are entitled to Statutory Maternity Pay (SMP) or Statutory Paternity Pay (SPP).
As an employer, it’s crucial to understand your obligations. The former is usually paid for up to 39 weeks, and the latter for one or two weeks.
Familiarise yourself with the eligibility criteria and payment rates and keep up to date.
- Maintain accurate records: Maintain clear records of when maternity or paternity leave begins and ends, and the amounts paid.
Proper documentation will not only help in providing transparency but will also make it easier to handle any future enquiries or inspections by HM Revenue & Customs (HMRC).
- Offer support and communication: Maternity and paternity leave are significant life events for your employees.
Open communication and support can create a positive experience for both parties.
Clearly outline your company’s policies and be available to answer any queries your employees may have.
Managing maternity and paternity pay doesn’t have to be a complicated process. By understanding the statutory requirements, maintaining accurate records, and offering robust support, you can ensure a smooth experience for both you and your employees.
If you need assistance in navigating these waters, our dedicated team of professionals is here to help.
Contact us today to discover how we can assist you with this important aspect of your business.
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Telephone: 01422 360788
Email: mail@lrh.co.uk
Lambert Roper & Horsfield Limited, Accountants in Calderdale
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