Payroll administration is an important aspect for any business that hires employees. Keeping all payroll records for employees is also an obligation for the business. Payroll is not just paying the employee for any time worked, but it also refers to salaries, bonuses, withheld taxes, National Insurance, overtime, time off and so on. This article will review the different stages of payroll processing and further important payroll-related information so that you can understand payroll better.
Generally, there are three stages of payroll as briefly explained below:
This stage includes setting up the details of the business or company and all the details of the employees to have the system up and running with customisation.
This stage is where all the info is inputted and compiled for each employee, tallied, and calculated in order to work out each payslip.
This stage includes distribution of payslip, the salary payment and final payroll reporting for the business of company.
Aspects of Payroll in Malta
Aspects of payroll in Malta include firstly an application for the Permission to Employ number (PE number), the Jobsplus registrations and terminations forms, the FS5 form that is submitted monthly to the commissioner for Revenue in order to declare and pay the tax, SSC/NI and maternity leave trust fund contributions, the FS3, which is the Statement of Earning for all employees of a business, and the FS7, the Annual Reconciliation Statement. It’s important to know that the submission deadline of such documents, (FS3s and FS7s), is the 15th of February of the following year.
Payroll needs to be an accurate, simple, secure, and efficient process. A business may handle all aspects of the payroll process in-house or can outsource to a company that holds the necessary expertise to perform this task. Here at Accounting Services, we are more than happy to assist you and your business with any payroll needs. We guarantee to be accurate and efficient, whilst complying with the local legislation and maintaining your personnel’s data confidentiality. More info about our services can be viewed here: https://accountingservices.com.mt/services/payroll-services/ or get in touch with Mr Conrad Meli on email@example.com.
Article written by Charlene Sciberras and originally posted here: https://fairwindsmanagement.net/understanding-payroll/