10 Tips for processing

Payroll in Malta

No matter how large or small your

business may be, payroll is a priority.

It can be daunting, but here are 10 tips that should

help make running your payroll plain sailing!

Beware of complex payroll calculations including different fringe benefit taxation and maternity leave trust fund contribution categories, end-of-year procedures and government budget updates. Failure to comply can have serious repercussions.

1. Beware of complex calculations

Automate tax and NI calculation. Find out if your payroll software automatically takes care of taxes for you. This can ensure the payroll process is completed in a timely and correct matter.

2. Automate calculations

them in the form of tax-free fringe benefits such as health insurance, a mobile phone or a retirement plan.

3. Consider tax-free fringe benefits

Before taking on new staff, particularly non-EU nationals, ensure that all permits are in order. It is the legal responsibility of every employer to ensure that all employees are legally allowed to work for the business.

4. Ensure all permits are in order

Properly classify your workers. It may not be legal to for example classify a worker as an independent contractor. Each classification may have a direct effect on your payroll process.

5. Classify your workers

Clearly identify your payroll schedules. You may choose to pay your employees monthly, 4-weekly, fortnightly or weekly.

6. Identify your payroll schedules

When investing in software, select the best platform for your business. If you are always on the go, select an option that is hosted in the cloud. This will make it easier to access all of your payroll information whenever you need it.

7. Select the best platform for your business

Always think about automating as many payroll and leave processes as possible, leaving you to work on the more important matters of your job.

8. Automate leave and payroll

Get good support for your payroll software. If a technical glitch is preventing staff from being paid,

liability. Always check that support is easily available.

9. Get top software support

Consider having an integrated leave management system that pushes all leave data into your payroll. This makes things so much easier especially with variables such as vacation leave, sick leave, bereavement leave, maternity leave and more!

10. Integrate leave and payroll

For more on payroll visit

www.shireburn.com/indigo