29.03.2022
Payroll outsourcing is when a company, or a self-employed individual, employing personnel, uses a third-party service provider to prepare payroll for the employees. Payroll tasks are not simply an automated process, but it involves many aspects from base salary, monthly adjustments, fringe benefits, allowances and bonuses, Social Security Contribution (SSC) / National Insurance (NI), and taxes.
One of the advantages of keeping payroll in-house is maintaining control over sensitive company data, however there are also many disadvantages such as overloading your HR department, not having competent staff to run monthly payrolls with the risks of errors in incorrect deductions and payroll mistakes and so on. These in the long run will become time consuming and put you at risk in being non-compliant.
Our Malta payroll services are handled according to the local legalisations in terms of entitlements, benefits, and others, such as calculations for working hours, breaks, overtime, annual leave, sick leave, notice periods, NI calculations and so on. On a monthly basis we submit the FS5 form to the Commissioner for Revenue (CfR) for the declaration and payment of the tax, SSC/NI and maternity leave trust fund contributions. At end of year, we also handle all statutory reporting such as the annual Statement of Earnings (FS3) of all employees, issued individually to them showing the yearly gross salary, taxes and social security payments, and the Annual Reconciliation Statement (FS7) which shows the monthly taxes, social security contributions and maternity leave trust fund contributions due and the payments made to the Department.
Outsourcing your payroll at Accounting Services allows you to save time and better concentrate on other administrative functions that can directly benefit your business better. You will save time, save money, and you can rest assured of confidentiality for all your personnel’s data and for having an expert team with you to stay compliant.
If you are interested in outsourcing payroll services please contact our Director Mr Conrad Meli on cmeli@accountingservices.com.mt. For more info please visit: https://accountingservices.com.mt/services/payroll-services/.
