1. ARE YOU UP TO DATE ON PAYROLL TAXATION REGULATIONS?
Keeping up with payroll taxation regulations can be a massive headache for an organisation. Outsourcing your payroll services can save you time and effort as the provider is always up to date with the latest regulations and will make sure you are compliant. At Ormsby & Rhodes we help companies save time and money by providing a structured, cost effective and reliable payroll services which meet compliance, security and confidentiality requirements for regulatory focused businesses but designed to enhance and support any size of business. We excel in Irish payroll calculations and employment legislation requirements bringing real benefits to our clients in Ireland and overseas.
2. ARE YOU RECORDING YOUR EMPLOYEES SALARIES CORRECTLY?
Record-keeping can be time-consuming and costly and must be handled correctly. Employers have to keep time and wages records for 6 years. All records regarding salaries and wages have to be documented within a specialised software system and afterwards employers have to pay the taxes collected from each employee to Revenue (depending on how regular payment is made to employees i.e. monthly or weekly).
3. ARE YOU TAXING YOUR EMPLOYEE’S BENEFITS CORRECTLY?
If you outsource your payroll department, the contracted company will make sure all employee benefits are taxed correctly and will save you time, effort and money.
4. ARE YOU TAX COMPLIANT WITH FILING PAYROLL RETURNS?
Employers must make statutory payroll tax payments to the government and are required to file proper returns. Failing to do this correctly can lead to severe penalties for non-compliance making this administration of payroll returns a difficult process. Therefore, numerous companies choose to outsource these responsibilities to accountancy firms.
5. IS YOUR PAYROLL SOFTWARE UP TO DATE?
Employers have to make sure that the payroll software is always up to date and compliant with the latest Revenue regulations and rules in order to meet reporting obligations. The company you outsource your payroll to will have software up-to-date and compliant.
6. DO YOU STRESS WHEN HOLIDAY COVER IS REQUIRED FOR PAYROLL?
Calculating annual leave and bank holiday entitlements can be very time consuming, especially when other factors have to be calculated too such as time spent on maternity leave, parental leave, force majeure or adoptive leave and any time spent on the first 13 weeks of carer’s leave. To avoid this laborious process and improve efficiency, businesses often choose to go with outsourced payroll services.
7. DO YOU GIVE EMPLOYEES A PAYSLIP?
A payslip is a statement in writing from the employer to the employee that outlines the total pay before tax and all details of any deductions from pay. It is important that employers pay the correct salaries to their employees and that they understand their payslip and deductions.
8. WOULD YOU PASS A NERA INSPECTION?
To pass a NERA inspection you have to make sure that specific documents are available. Have you the required documents for inspection? This can be time consuming and costly to put in place.
9. ARE YOU AWARE OF YOUR EMPLOYER OBLIGATIONS?
As an employer you are obligated under Irish employment law to maintain records in relation to your employees and their entitlements. The minimum entitlement all employees must receive can relate to written statement of terms and conditions, payslip or at a minimum a written statement of pay, minimum wage, industry specific wages, and maximum working week, unpaid breaks during working hours, annual leave entitlements, and statutory notice periods.
If you are concerned with any of the above please contact Richard Maloney for a FREE consultation.