LTD - Payroll

Before employing staff with employed status, you should consider carefully whether your business is ready to provide all the applicable employee rights.

Being an employer is not only a huge responsibility, but it can be a serious financial burden on your start-up business.

Self-employment – as the name already suggests – is not the most ideal model for employing staff. However, by law it is possible for you as self-employed to hire one or even more employees for your business.

If, after taking all the above into consideration, you plan to employ staff, first you will need to register your company as an employer. To get the payroll calculations done, you will also need to make use of payroll services on a monthly or weekly basis, depending on how frequently you pay your employees. The payroll service provider makes sure the employee is registered with your business, processes the payroll, sends out the payslips, draws up the salary statements at the end of the year or in case of termination of employment and shares payroll information with the tax authorities whenever needed.

Employer contribution rates paid for your employees depend partially on salary structure.

Being an employer is a huge responsibility. It’s essential to weigh all important factors before deciding, therefore we encourage you to contact us in case you have any further questions.