Category: Uncategorized

Payroll is a complex yet entirely necessary function of any business. Not only is it time-consuming when performed in-house, but if you work in a busy company where new employees are frequently onboarded, it can become extremely overwhelming to remain afloat of every payroll function.

Furthermore, when you manage payroll manually using timesheets, spreadsheets and a calculator, the entire process becomes even more time-consuming and prone to mistakes, which can lead to unnecessary fines and penalties. All in all, payroll is a lengthy and meticulous process that causes countless headaches for busy companies with many obligations.

For this reason, it’s essential that you consider outsourcing payroll.

There are countless benefits of payroll outsourcing. These include:

Expertise:

Payroll and tax legislature are becoming increasingly complex; even one minor error can result in serious implications. By outsourcing all payroll functions to the experts, your company will remain up-to-date with the latest legislative changes and auto software updates while you will also benefits from improved compliance and accuracy.

Payroll companies such as GRS’ group company, Fairfax, specialise in the complexities of payroll. With more than 15 years’ experience in the payroll and accounting industry servicing local and international clients, their team of dedicated payroll processing experts, headed by Nicoletta Demetriou, works tirelessly to deliver professional payroll services to businesses of all levels and sizes.

Efficiency:

Further to the above, when all payroll responsibilities are handled outside of your office, this gives you more time to focus on the important areas of your business, making you and your team much more productive and efficient.

Fairfax offers superior outsourcing services that are tailored to the needs of each individual client. This prestigious firm has a full team of specialists handling every payroll function, making the entire process quick, seamless and completely accurate. With Nicoletta and the team, you will benefit from a superior quality of service that’s proficient, compliant and extremely prompt.

Reliability:

When you outsource payroll there’s no need to worry about your payroll processing company calling in sick or requesting annual leave during the crucial pay period. Furthermore, confidentiality and risks such as identity theft, tampering with company files or embezzlement of funds will no longer be an issue. By outsourcing the payroll of your workforce to Fairfax , you can ensure that all payroll and reporting will always be processed with absolute confidentiality and reliability.

Technology:

One constant demand for businesses is to have the latest version of their payroll software and spreadsheets, however paying maintenance fees and constantly upgrading software is an ongoing cost. Fairfax use the latest payroll software to handle all of your needs, giving you access to the best payroll technology, without the costs. In addition, they only use the highest-quality systems for storing and protecting data, ensuring absolute safety.

Cost reducing:

An in-house payroll process is costly and requires training as well as the latest hardware, software and supplies. However, when you work with a professional payroll provider, the direct costs of payroll processing can be significantly reduced. An outsourced solution will deliver peace of mind and free up time in your company, enabling you to get back to your core area of business and in turn, reduce unnecessary overheads.

In addition to payroll outsourcing, Fairfax also offers a service of employing temporary workers under GRS, which is the only recruitment consultancy in Cyprus to possess the temporary recruiter license. The license enables Fairfax and GRS to provide temporary workers to its Cyprus-based clients, offering enhanced flexibility and convenience.

If you haven’t considered leveraging the assistance of skilled payroll experts before, maybe now is the time to make the switch. To learn more about the above-mentioned services, please contact Fairfax on +357 25558025 or email accounts@fairfaxyeaman.com

Fairfax provides full payroll outsourcing solutions to accountancy firms in Cyprus from weekly or monthly processing to year-end reporting. Some of the accountancy firms we work with outsource a few Clients to us, others prefer to outsource them all.

Our team is dedicated to payroll outsourcing with a fully staffed payroll processing department headed by Nicoletta Demetriou, FCCA,  member of The Institute of Certified Public Accountants of Cyprus and ex Payroll Champion of a big 4 firm, who specialises in the complexities of payroll and possesses more than 15 years’ experience in running payroll and accounting services in Cyprus.

Working with you to find the best solution for your client, we treat the accountancy firm as our Client with the end user seamlessly continuing to interact with only you, the accounting firm. Alternatively, we can treat your Client as ours for the purposes of payroll and gather inputs from them directly and provide them with the full service.

Why outsource your client’s payroll?

•Take advantage of Nicoletta’s expertise and dedicated team who are entirely focused on payroll.

•Cost effective allowing your firm to focus on other core service deliverables and higher margin services.

•Remain up to date with the latest legislative changes and auto software updates.

Request a quotation today or contact a member of the Fairfax team to discuss your specific requirements and how we can assist you. Contact: +357 25558025 email: accounts@fairfaxyeaman.com

Social Insurance Contributions for the Employee and Employer

The rate of Social insurance contributions is applied to a maximum level of emoluments. The maximum level of emoluments for 2015 and 2014 is €54.396 (weekly €1.046/monthly €4.533).

The rate of 7,8% applies for both the employer and the employee up to 31 December 2018.

Other employer’s contributions:

Social cohesion fund 2,0 Redundancy fund 1,* Industrial training fund 0,5 Holiday fund (if not exempt) 8,0

Special Contribution  Employee €
First 1500	Νil
From 1501 – to 2500	2,5% (minimum €10)
From 2501 – to 3500	3,0%
Over 3500	3,5%

 

Income Tax
Chargeable income €	Tax rate %	Accumulated tax €
First 19500	Nil	Nil
From 19501 – to 28000	20	1700
From 28001 – to 36300	25	3775
From 36301 – to 60000	30	10885
Οver 60000	35

Fairfax was originally founded in 2005 to meet the needs of its parent company, GRS Global Recruitment Solutions, the leading recruitment consultancy in Cyprus and Malta founded by Donna Stephenson and Steve Slocombe. GRS at this time was operating a payroll processing department to support the payroll of temporary workers assigned to infrastructure projects in Cyprus such as: Larnaca and Pafos airport extensions, wind farms, desalination plants and power generation.

With the appointment of a new Director, Nicoletta Demetriou in 2012, Fairfax quickly grew into a standalone payroll bureau offering managed payroll services to clients of GRS and clients that require a dedicated payroll partner.

Nicoletta is FCCA qualified, a member of The Institute of Certified Public Accountants of Cyprus and ex Payroll Champion of a big 4 firm. Nicoletta specialises in the complexities of payroll and possesses more than 15 years’ experience in running payroll and accounting services in Cyprus.

Today Fairfax provides customised payroll solutions to a variety of SME’s and multi-national companies, from fresh start-ups to internationally recognised organisations.

FY has an ever increasing client base consisting of Clients operating in Cyprus, and continues to grow as more and more businesses recognise the advantages of outsourcing their payroll function to a dedicated and professional provider.

FY prides itself on building long term relationships with the aim to deliver tailored payroll solutions in a professional and timely manner. FY provides all clients with a specific point of contact with whom the client can ask questions (by email or phone) throughout the pay period. If authorised by the Client’s, Nicoletta and her team also field questions and queries directly from their employees.

For further information on our payroll outsourcing services please contact +357 25558025 or email accounts@fairfaxyeaman.com

Earlier this year, Cyprus experienced a notable increase in the number of applications for new companies with a 23% increase recorded in March 2016 compared with March 2015.

According to statistics released by the Department of the Registrar of Companies and Official Receiver (DRCOR) of the Republic of Cyprus, the number of applications for new company registrations in March 2016 reached 1,205, compared with 980 new company registrations in March 2015.

It was also noted that new company registrations have maintained an upward trend for the seventh month in a row, along with the 18^th increase in the past 27 months.

Data from the DRCOR further found that 3,063 companies were newly registered in the first quarter of 2016 compared with a total of 11,270 newly registered companies for the duration of 2015. On a month-by-month basis, the number of applications for new company registrations in March 2016 was up by 8.1% compared to February 2016, while the total number of companies recorded in the register at the end of 2016’s first quarter was 202,764.

This upward trend is promising news for Cyprus, enabling the professional services sector to remain robust whilst continuing to support the Cypriot economy. Countless businesses turn to Cyprus for company formation month after month thanks to effective tax planning and a wide network of double tax treaties. Registering a company in Cyprus also unlocks the advantages to be gained when trading with EU companies registered in other EU member states.

Notable demand for professional outsourced services

The sustained increase in Cyprus company registrations has resulted in a notable demand for professional services firms providing outsourced services including bookkeeping, payroll, Human Resources and much more.

GRS Recruitment and its Group Company, Fairfax, provide a complete range of outsourced services to businesses including recruitment, payroll, immigration and residence, provident fund services and HR.

Co-founded in 2005 by Donna Stephenson and Steve Slocombe, the consultancy possesses more than a decade of experience in the provision of permanent and temporary recruitment, outplacement and outsourced payroll services.

GRS’ outsourced payroll services are designed to suit all levels and sizes of payroll and the company is dedicated to minimising payroll administration in Cyprus, thus allowing you to focus on the core activities of your business. Their managed payroll services provide businesses with a personal, dedicated contact who will support your Cyprus business and remain on hand to answer any queries. This highly personalised level of service ensures that businesses receive the most accurate payroll and that their most important asset, their ‘human capital,’ is paid in an efficient and timely manner.

Fairfax’s immigration and Residence services, led by Nicoletta Demetriou, Accounts and Payroll Director of GRS’ group company, Fairfax, are personalised and effective, making the entire immigration seamless and effortless. With professional guidance offered at every step of the process, you will be lead to the successful issuance of the necessary permit: Work Permit in Cyprus, Permanent Residence Permit in Cyprus, Cyprus Citizenship by Investment, or Cyprus Citizenship by Years of Residency.

Fairfax possesses more than 15 years’ experience in the establishment, registration and administration of Cyprus Company Provident Funds. Their dedicated outsourced support for your company’s Provident Funds provides specialised administration services by a qualified team in addition to keeping you up-to-date with the latest legislative changes and best-practice recommendations that may affect your business.

Finally, GRS’ HR Consulting Service enables companies to have a 360° solution to their people’s needs, providing specialised, tailored solutions for any organisation. Whether large or small, global or local, start-up or undergoing transition, a flexible solution to any of your people’s needs can be developed, implemented and evaluated.

The HR Outsourcing Team is led by GRS founders Donna Stephenson and Steve Slocombe, along with team members Annita Paliou and Debbie Hadjisocratous, who are Masters educated HR professionals and fluent in both Greek and English. Together, we offer your business the benefit of progressive HR practices, solutions and HR software solutions that are customised to your needs while ensuring the timely delivery of professional and cost-effective results.

GRS Recruitment and its Group Company, Fairfax, are highly reputable agencies that work closely with businesses of all types and sizes, from SMEs to the world’s largest international organisations, delivering superior professional outsourced services that are accurate, timesaving and cost-efficient.

To find out more about the range of services available please contact the Fairfax Team Tel: +357 2555508 or email accounts@fairfaxyeaman.com