Sovereign Trust (Cyprus) can provide a comprehensive but flexible outsourced payroll service that is tailored to each client’s specific requirements. 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 into the Sovereign payroll system.
Thereafter, on a monthly basis, Sovereign’s payroll services will facilitate:
- Computing employees’ withholdings and net pay
- Ad hoc additional payments or deductions
- Producing and issuing employee pay slips
- Direct deposit pay into employee bank accounts
- Expenses and benefits processing and compliance
- Arranging 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 Sovereign Group’s wider offering, we are able to provide private medical insurance and occupational pensions plans, which can be integrated into the payroll services system.