Outsourcing Payroll Reduces Risk & Costs
As a result of the regular changes to payroll legislation, payroll processing is becoming ever more complex. It is the employer’s responsibility to pay wages/salaries to the employee and pay their taxes to the Income Tax Office – HM Government of Gibraltar.
Failure to do so will result in hefty fines that could have been easily avoided. Let our team handle all your payroll worries!
What is payroll?
Payroll is one of the key aspects of every business or organisation. It is vital for effectiveness and efficiency that your employees and taxes get paid accurately and in a timely manner. Failure to do so will result in fines & unhappy employees! You can be confident that our team will offer a professional bespoke service at competitive rates, adhering to the highest industry standards.
What are your payroll duties?
Apart from the monthly/weekly wages calculations & payments, there are always ongoing tasks that a payroll office must be aware of such as; changes to contributions, tax reliefs, time sheets, sick & holiday leave & more.
Our team will ensure all these tasks have been executed effectively & efficiently. The entire process can be split into various stages:
- Initial contact to get to understand your payroll policies & procedures.
- Collate all employee payroll data.
- Calculate & execute monthly payroll tasks.
- Payments will be processed and sent as necessary.
- Filing & payments receipts will be sent to the client via email.
- We will maintain close dialogue with you throughout the whole payroll run process.
Outsourcing Payroll Benefits
What are the pros of outsourcing payroll?
Outsourcing payroll allows employers to concentrate on their core business and cut down on employee costs. If you calculate the time spent by your employees on payroll-related activities, plus payroll software costs, training costs,
printing and distributing payslips, completing & filing tax documents, processing bank payments to employees etc, you will be surprised at the expense.
Efficiency
As payroll service providers we can process even the most complex payrolls at a great speed, providing a quick turnaround time on your payroll as and when required.
Free up resources/Reduce costs
The payroll function can consume a large proportion of your staff resources, especially if the staff in charge of the payroll are not trained specifically to deal with it or have the payroll function as a smaller part of their overall responsibilities.
Avoid tax penalties
We will ensure all the tax contributions are correctly filed on time to avoid unnecessary hefty fines for late or incorrect filings.
Accuracy
Payroll errors can be painful, upsetting and stressful both for you and your employees. A good payroll service provider is far less likely to commit a serious mistake than your in-house staff. Our payroll team have the expertise, knowledge and finely-tuned checking procedures in place to minimize these faults and errors.
Confidentiality
We will hold all your employee records and information safely & confidentiality is guaranteed.
Training
It can often be expensive to employ staff with the necessary training to operate a payroll system, especially for smaller companies where the payroll duties does not warrant a full-time employee.
Peace of mind
The hassle and pain often associated with processing payroll is gone. By simply providing us with your employees' basic payroll information, we will ensure your payroll duties are completely fulfilled.
Direct salary and tax payments
On a monthly basis we will request a bulk payment covering all salaries and tax payments. Our team with thereafter process all relevant bank transfers and/or cash payments.
Legislation updates
Let our payroll team bear the responsibilities in keeping up to date with ever changing tax legislation.
Employee communication
We will communicate with all your employees for updates or amendments to their salary, tax codes or any other relevant payroll information, as well as sending them their monthly payslips.
In today's fast-paced business environment, managing payroll efficiently is crucial for the success and smooth operation of your company. By outsourcing your payroll management to TAG Consultancy, you can eliminate the complexities, reduce costs, and ensure that your payroll is handled with precision, compliance, and confidentiality. Free up your valuable resources and let our expert team take care of all your payroll needs, giving you peace of mind and allowing you to focus on growing your business.
Ready to streamline your payroll process?
