Payroll

 

More and more companies are seeing the value in outsourcing their payroll function to the GRS group company - Fairfax Yeaman. Outsourcing of Payroll is being driven by a number of factors including freeing up employees time to focus on their core business and to save on costs by avoiding the overheads associated with employing a dedicated in-house payroll specialist.The highly technical and confidential nature of payroll also makes it a prime service to be outsourced as costly mistakes can be made when handling complex remuneration calculations, statutory filings and dealing with legislative changes in Tax and Social Insurance.

GRS are the leading and largest Recruitment and Payroll consultancy in Cyprus with offices in Cyprus (Limassol & Nicosia) and Malta and who have provided Payroll services through group company Fairfax Yeaman to some of the world’s leading companies and organisations operating in Cyprus including: Oracle, Sony, Hewlett Packard, GSK, Barclays Bank, DP World, Adidas, Energy International, GE Capital, Elisabeth Arden, HM Government UK and the EU Commission to name a few that we can mention.

Payroll Team 

Nicoletta Demetriou director of Accounts and Payroll heads up the payroll department. A member of the Cyprus Institute of Certified Public Accountants and a top four qualified Fellow Member of the ACCA, Nicoletta is an expert in monthly payroll preparation, a Cyprus payroll champion.

  • Registration of your company as an employer to the local authorities ( Social Insurance and Income Tax)
  • Registration of your employees with the local authorities ( Social Insurance and Income Tax, were applicable)
  • Preparation of weekly or/and monthly payroll calculations
  • Salaries in any currency with custom calculations through user defined formulas for earnings, deductions or contributions.
  • Overtimes Shift allowances.
  • Bonus, 13th salary calculations (where applicable).
  • Deduct absences. Keeps track of employee vacations, sick-leaves, etc.
  • Preparation of tax computations for each employee to accurately determine the monthly tax deductions, based on the
  • signed IR59 form of the employee.
  • Arrange timely payment of wages, salaries and deductions (Income Tax and Social Insurance).

Reporting

  • Monthly payslips
  • Payroll analysis (single payroll or any date range) with department and cost centre analysis.
  • Journal entries for the accounting department.
  • Bank payment instructions.
  • Timely preparation and submission of annual tax returns e.g IR63 (Employees’ Certificate of Emoluments), IR7 (Employer’s Return)
  • Provident fund reports.

 Provident Fund services

  • Assistance with the preparation of the Provident Fund Rules and Regulations
  • Registration of the Provident Fund with the Local Authorities in Cyprus including the preparation of all the relevant paperwork i.e applications
  • Administration e.g monthly bookkeeping and updating of the Fund records
  • Accurate annual income allocation to members’ accounts and preparation of annual member’s statements.

For further information on the payroll and provident services, please contact Nicoletta Demetriou email nicoletta@grsrecruitment.com for further information.

LIMASSOL, CYPRUS
Donna Stephenson
TEL: +357 25 342 720
EMAIL: donna@grsrecruitment.com
www.grsrecruitment.com                                           

NICOSIA, CYPRUS
Steve Slocombe
TEL: +357 22 769 369
EMAIL: steve@grsrecruitment.com
www.grsrecruitment.com