Companies, wherever they are based, must pay the salaries of their employees in a timely manner. They must also ensure their income tax and social security compliance in terms of withholding, calculations and reporting. Every country’s employment and tax system is different.
Any organisation entering a foreign market faces a number of employment tax compliance-related challenges. Making certain that all obligations and responsibilities are met in a timely and efficient manner in every jurisdiction of operation can be a time consuming and costly process. By outsourcing your payroll you can free up your valuable time and resources to concentrate on the important business of running your company and reduce the risk of heavy penalties resulting from non-compliance.
STIP United can provide a comprehensive yet flexible outsourced payroll service tailored to each client’s specific requirements. Our experienced professionals ensure that our customers meet their legislative payroll and employment tax obligations in all the international territories in which they operate. We provide a wide range of compliance and payroll audit services, along with practical and up-to-date advice on employment-related issues.
The first stage will involve registering the employer and its employees with the local tax office and the government employment department, recording employment notices and contracts, obtaining bank details of the employer and employee, issuing tax codes and, finally, inserting all that information in the STIP United payroll system.
Thereafter, on a monthly basis, STIP United’s payroll services will facilitate:
Computing employees’ withholdings and net pay;
Ad hoc additional payments or deductions;
Preparing and issuing employee pay slips;
Direct deposit pay into employee bank accounts;
Expenses and benefits processing and compliance;
Preparing documentation for new or departing employees;
Preparing revenues payable and remittance submissions to tax office.
Year-end procedures will also encompass the preparation of tax returns for both the employer and employees and compiling payroll accounting records for the employer.
In addition, through STIP United Group’s wider offering, we are able to provide private medical insurance as well as occupational pensions plans, which can be integrated into the payroll services system.
Irrespective of whether you are a small organisation taking your first steps in international expansion or an existing multinational company, STIP United’s payroll expertise and experience across many jurisdictions can ensure that you maximise the efficiency of your operations and remain in compliance with all local legislation and regulation.