10 Tips for Processing Payroll in Malta
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The document provides 10 essential tips for processing payroll in Malta, emphasizing the importance of compliance and automation. Key recommendations include automating tax calculations, ensuring proper employee classification, selecting suitable payroll software, and integrating leave management systems. The tips aim to streamline payroll processes for businesses of any size while avoiding legal pitfalls.
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10 Tips for Processing Payroll in Malta
- 1. 10 Tips for processing Payroll in Malta
- 2. No matter how large or small your business may be, payroll is a priority.
- 3. It can be daunting, but here are 10 tips that should help make running your payroll plain sailing!
- 4. 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
- 5. 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
- 6. 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
- 7. 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
- 8. 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
- 9. Clearly identify your payroll schedules. You may choose to pay your employees monthly, 4-weekly, fortnightly or weekly. 6. Identify your payroll schedules
- 10. 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
- 11. 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
- 12. 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
- 13. 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
- 14. For more on payroll visit www.shireburn.com/indigo