If your business employs individuals you are required to keep wage records of sums paid as salaries, allowances, bonuses as well as all related deductions of Social Security Contribution (SSC) / National Insurance (NI), and taxes. This is a statutory requirement for all employees from the date of commencement up to the date of termination, whether you are employing individuals as a company or a self-employed.
Accounting Services can handle all your payroll requirements by having the payroll services outsourced to us. As part of our services, we apply for your Permission to Employ number (PE number) which is the registration by an individual or a company to be able to employ individuals, and handle all necessary paperwork for engaging and terminating employees with Jobsplus, Malta’s Public Employment Service Agency.
Our payroll services in Malta are handled according to the local legislation 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 the FS5 form must be submitted to the Commissioner for Revenue (CfR) for the declaration and payment of the tax, SSC/NI and maternity leave trust fund contributions.
Furthermore, we can also handle all year end 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. The submission deadlines of such documents, FS3s and FS7s, is the 15th of February of the following year.
The Accounting Services team can assist you with all outsourced payroll services in Malta, making it easier for you to focus on your business, and without the need to overload your accounting department or HR department. All this is done whilst complying with local legislation and maintaining your personnel’s data confidentiality.