Sovereign Trust (Gibraltar) Limited offers a comprehensive outsourced payroll management and processing service that will allow employers to maximise the efficiency of their operations and remain in compliance with all local legislation and regulations.
Regardless of the size of your business, the number of employees or the complexity of the payroll, Sovereign can look after all aspects of your payroll management, making certain that all obligations and responsibilities are met in a timely and efficient manner, leaving you free to focus on running your business.
Sovereign’s payroll systems will be tailored to the specific requirements of an individual client, but our monthly services would typically include:
- Computing employees’ withholdings and net pay;
- Incorporating ad hoc additional payments or deductions;
- Producing and issuing employee pay slips electronically;
- Depositing net pay directly 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.
When the payroll has been completed for the relevant month, a summary is sent to the client for approval. Once approved, we will upload all staff salaries to the appropriate platform and set the value date. A variety of other reports can also be provided to employers upon request.
Sovereign has the capacity to manage payrolls in different currencies, such that staff members have the option of selecting their preferred currency or have their salary split into more than one currency.
Year-end procedures encompass the preparation of tax returns for both the employer and employees, including the annual tax letter required by the Spanish Hacienda, and compiling payroll accounting records for the employer.
Through the Sovereign Group’s wider offering, we are also able to provide private medical insurance and occupational pensions plans, which can be integrated into the payroll services system.
Some clients choose our payroll services simply to save time and money; some to ensure that all their administrative and legal requirements are met; some prefer an outsourced solution to keep payroll-related information separate and confidential.