24.07.2024
If your business employs individuals, you are required to maintain detailed wage records. This includes documenting all sums paid as salaries, allowances, and bonuses, as well as all related deductions for Social Security Contributions (SSC) / National Insurance (NI), and taxes. This statutory requirement applies from the date of an employee’s commencement, up to their termination, regardless of whether you are employing individuals as a company or under a self-employment basis.
Finding the right company to outsource payroll service can be tricky. At Accounting Services, we specialise in handling all your payroll requirements, providing a seamless and efficient solution to your business. As part of our comprehensive offering, we manage the application process for your Permission to Employ number (PE number). This registration, essential for both individuals operating under self-employment, and companies, enables one to employ staff legally. Additionally, we handle all necessary paperwork for engaging and terminating employees with Jobsplus, Malta’s employment service agency.
Our payroll services in Malta are meticulously managed in accordance with local legislation. This includes ensuring that all entitlements, benefits, and other obligations are accurately calculated. We manage computations for working hours, breaks, overtime, annual leave, sick leave, notice periods, NI calculations, and more. On a monthly basis, we ensure the timely submission of the FS5 form to the Commissioner for Revenue (CfR). This form declares and facilitates the payment of taxes, SSC/NI, and maternity leave trust fund contributions.
We also manage all year-end statutory reporting requirements. This includes preparing the annual Statement of Earnings (FS3) for each employee, which details their yearly gross salary, taxes, and social security payments. Additionally, we compile the Annual Reconciliation Statement (FS7), summarising monthly taxes, social security contributions, and maternity leave trust fund contributions, along with the corresponding payments made to the department. These documents, the FS3 and FS7, must be submitted by the 15th of February of the following year.
By entrusting your payroll services to Accounting Services, you can concentrate on your core business activities without overloading your accounting or HR departments. Our team ensures full compliance with local legislation while maintaining the confidentiality of your personnel’s data. Let us handle the complexities of payroll management so you can focus on what you do best – growing your business.
Contact Accounting Services today to learn more about how we can assist with your payroll needs and ensure your business remains compliant and efficient. 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 cmeli@accountingservices.com.mt.
Fairwinds Management Limited is a MFSA licensed firm offering Business Solutions in Malta. As part of our services, we offer Accounting, Administration, Corporate and Legal solutions. Fairwinds Management also manages the brand Accounting Services. More information about us and our key services please visit our website. You may reach Fairwinds Management on +356 2704 0903 or info@fairwindsmanagement.net.
Article written by Ms Charlene Sciberras, B.A. (Hons), guest writer, a marketing and business administration specialist with a special focus on corporate, accounting, and legal matters.