Payroll Management & Planning
Every business person knows that serious payroll management cannot be avoided once a business starts to grow and needs more human resources. This can be a challenge for some firms. At Pauliana Said Accountancy and Tax Consultancy, we have the expertise and solutions to set up efficient payroll management. Our comprehensive payroll management services cover the calculation and salary payments that are accurate and timely for our client's employees. This is done in full compliance with Malta's tax regulations, including income tax and national insurance contributions. Apart from this compliance, we also help take care of any employee benefit scheme you might have. These can include health or life insurance or any other perks that ensure your business has attractive competitive packages that attract and secure talent.
Although employees will, in general, look at the take-home pay, there are a lot of other things that are part of the picture. Payroll must comply with Malta tax obligations, including social security and income tax. Our system will work out the employer and employee social security contributions to ensure that both parties meet their obligations. Similarly, the correct withholding and submission of income taxes by employees (according to the employee's status) is also covered.
Payroll solutions depend on the business at hand, so we offer tailored systems that suit our clients' needs. The system is not only dependent on the firm's size, but it has to accommodate the business structure and, in particular, the work-related aspects such as fixed or flexible hours and shift-work system. Sometimes, time-tracking solutions are needed to create a seamless flow of information about work hours, overtime, and absences. In such cases, we will advise on the choice and integration of such systems. Once time-tracking systems are in place, clients gain valuable insight that helps them make decisions in staffing and payroll. While using such systems comes at a cost, it helps to improve efficiency and avoid frustration by eliminating manual and administrative errors, ensuring accuracy in employee salaries and ultimately saving time.
Ensuring payroll compliance with labour law is the firm's responsibility. When using our services, you can be certain that you are minimising the risk of non-compliance and potential fines. You will not need to monitor the changing tax laws, as we will handle that, and your payroll process will always be up-to-date. In this sense, one is also safeguarding against the risk of penalties and legal disputes.