Besides these there are all the different insurance, tax and other tasks you have to do because of the national legislation.
You as the owner of a company have a statutory duty to maintain records of all wages paid and deductions made. Failure to do so could result in a heavy fine. Be sure to familiarise yourself with the arrangements of your tax authority and get hold of the latest tax deduction book.
Business owners are responsible for ensuring that proper statutory deductions are made from an employees salary. The deductions must be passed on promptly to the relevant authority.
Do not tempt to disregard the Tax Department in relation to temporary, part time or casual employees. All wages must be included in the financial returns to the tax office.
You should keep a separate Wage Book which brings together all the information on staff salaries and deductions. They can often be purchased from stationery suppliers in a pre-printed format.
The transactions in the wage-book also have to be registered in your PC
- Go to next business issue: Stock Registration