Due to the international scope of business, it is now commonplace for companies to have employees working in a variety of countries.
Industries associated with the running of multi jurisdictional operations may include:
- Engineering and construction
- Aviation and shipping
- Information technology and computers
- Film and entertainment
Similarly, many self employed individuals nowadays have to become accustomed to working internationally in pursuit of their chosen trade.
Whilst there may be many advantages of working in a global business environment, there are also numerous income related difficulties which, unless properly managed by the corporate entity, could be detrimental to the organisation and could adversely affect the benefits package offered to individual members of staff.
An offshore payroll company may overcome many of these difficulties. For the individual, provision of services through an offshore company may assist with management of liability to income taxes, social security taxes and exchange controls. For corporate entities, enabling payroll to be managed in a single currency from one location may create a significant cost saving, together with providing additional benefits such as pension schemes, insurance etc.
The services Cavendish Trust is able to provide payroll assistance with, to either individuals or corporate entities are:
- Timesheet processing
- Calculate and administer PAYE and NICs, holiday pay, statutory benefit payments and non-statutory deductions
- Preparation, printing and issue of branded payslips
- Payment of wages by electronic transfer
- Preparation, printing and issue of statutory employment forms
- Provision of payroll reports as frequently as required
- Preparing end of year returns
- Reporting to relevant tax bodies
If you have any concerns with the way your current payroll services are being operated, or if you are seeking advice in this key area of business activity, please contact either of the following members of our team: