Revolut Business Payroll Review (UK - 2024)

If you have a UK business you’ll need smart and easy ways to pay your team members and comply with your payroll reporting and tax obligations. Using professional payroll services is a common choice. There’s a cost to using an outsourced payroll provider - but it can streamline processes and cut your admin time significantly. So - what about Revolut Business payroll as an option to outsource this job?

This full Revolut payroll review covers all you need to know, including Revolut payroll cost and how to set up payroll on Revolut.

We’ll also introduce Wise Business which offers easy ways to pay employees in multiple currencies, with low fees and the mid-market exchange rate.

💡 Learn more about Wise Business

Can Revolut be used for payroll?

Yes. You can use the Revolut payroll feature to pay your employees if you have a Revolut Business account, including Basic, Grow, Scale and Enterprise plans. Monthly fees apply, which we’ll look at later.

Revolut’s payroll feature is available for Revolut Business customers only. Not sure which Revolut account is right for you?

Revolut payroll review

If you have an eligible Revolut Business account, you can add in payroll services for a monthly fee per employee. This allows you to process employee pay, ensure deductions for tax and other contributions are made properly, provide the required paperwork to employees and HMRC, and complete all necessary reports.

Revolut Business account holders can nominate a user to be Payroll Admin, who can control and view features within the Revolut payroll feature. Options and services available in Revolut payroll include^¹:

• Add and remove team members to make salary payments
• Calculate pay including gross versus net pay, tax contributions, national insurance, benefits and adjustments
• Set up defined pay runs on your preferred dates or at your preferred intervals
• Manage contributions to employees’ pension providers
• Communicate with HMRC to provide required tax code information up to date
• Download a CSV file of each employee’s pension information

Revolut payroll cost

As with all outsourced payroll options, there’s a fee to pay for using Revolut payroll. Exactly what you pay overall with Revolut depends on the plan you pick. There’s a monthly charge, and then the payroll service can be added in with a fixed monthly fee per employee. If you select the Enterprise package from Revolut, fees may vary.

Is Revolut payroll safe?

Revolut is a licensed provider, which is considered safe to use. In the UK, Revolut is licenced by the FCA as an e-money institution, and must comply with strict legislation to protect customers, their money, and their accounts. This means safeguarding customer funds, using data protection measures, and building digital safety protections into their app.

Revolut Business payroll - how does it work?

Revolut payroll is an add on feature, which has extra fees on top of any monthly charge your Revolut Business account has. To use Revolut payroll you’ll need to add employees to your business account and then enrol them in payroll. Once you have team members added, you can automatically run payroll by setting the dates or intervals on which employees should be paid.

Here’s how to enrol your team members into Revolut payroll in the app^⁵:

1. Go to Payroll and open People tab
2. Click on Enrol in Payroll button
3. Select team members, or automatically send an email invitation to employees to join your Business account
4. Your nominated admin will be prompted to enter personal, employment, account and tax details for the employee

Once you have employees enrolled, you can create a pay schedule^⁶:

1. Go to Payroll and open the Schedule tab
2. Click on Create schedule
3. Follow the prompts to enter the required details
4. A payroll admin will now need to review the pay run to confirm it

Once your employees are added and your payroll set, you can allow it to run automatically, adding and removing team members as needed.

Wise Business: alternative to Revolut Business account

Looking for a convenient, flexible and low cost way to run payroll for your business? Check out Wise Business.

Wise offers business accounts with no ongoing fees and no minimum balance requirements. All accounts can hold and exchange 40+ 140+ countries - often quickly or instantly^⁷.

Wise Business can be particularly helpful if you need to run payroll for international employees from the UK, with options to pay up to 1,000 people at a time, in 40+ currencies, with the mid-market exchange rate and low costs from 0.33%.

Here are some of the Wise Business features you can access:

• One time £45 account opening charge with no monthly fees
• Hold and exchange 40+ currencies using the mid-market rate with no markup
• Send money quickly or instantly to bank accounts in 140+ countries
• Run international payroll with batch payments of up to 1,000 people at a time
• Issue business debit and expense cards for you and your team
• Get local account details in 8+ currencies, to be paid easily by others
• Generate invoices and payment links to receive money easily from customers
• Access accounting integrations, and a powerful API

See how Wise Business can help you pay contractors and team members around the world easily, from your phone or laptop.

Get started with Wise Business 🚀

While outsourcing payroll comes with costs, it can help ensure compliance with legal and tax requirements, as well as drastically cutting the amount of admin you need to do as a business owner. Outsourcing payroll is particularly attractive for new businesses which don’t have internal resources to manage payroll - which may mean Revolut’s payroll feature works well for you if you’re just starting out or scaling up.

If you’re not sure about Revolut payroll or just want to compare an alternative, check out the options available from Wise Business to manage payroll with batch payments. The batch payment feature has no extra fee and allows you to pay up to 1,000 people in 40+ currencies, with just one spreadsheet. This can cut costs, and leave you more time to invest in your business in the end.

Sources used in the article:

Sources last checked June 17, 2024