Last Updated on Monday, 13 February, 2023 at 8:16 am by Andre Camilleri
Buddy Limited, the creators of Buddy HR & Payroll software, is proud to announce that FSS Tax Forms can now be submitted from within its solution through FSSXpress™.
Becoming the first and only payroll and HR software to have automatic submissions is a key milestone. A constant push towards digitisation enables closer communication between private and government entities.
“Ever since we launched Buddy in 2018, we always envisioned the day where we would be able to directly interface with government entities.” said Jonathan Mifsud, co-Founder and CTO of Buddy. “Being able to provide data directly from the source, FSSXpress™ ensures that the data going to CFR is indeed a truthful reflection of the payslips received by the company’s employees. We look forward to the day, this data can be sent on a more granular level like we already do in other countries such as the United Kingdom.”
Given the significant focus that the government has been placing on compliance, and various legislative changes, this will enable multiple entities to become compliant without increasing overheads making the respective manual processes a thing of the past.
With the annual Final Settlement System (FSS) Submission Deadline looming, this tool will empower businesses to comply with the FSS submission deadline, which falls on the 15th of February.
The Final Settlement System, and particularly what has become known as the electronic lodgement, is the process through which businesses are able to submit the earnings made by each of their employees and directors. In addition to the annual salaries, employee deductions, including Income Tax and Social Security Contributions, are noted.
The Commissioner for Revenue uses this information to be able to issue and update tax information on behalf of employees, so their income tax forms which are sent later this year, would already be up to date. This helps many people who are considered non-filers because their only income is their employment, whereby their employer would already declare their income.
Such a powerful tool will allow businesses to;
- Ensure their data is submitted accurately
- Save time and sharing of EID credentials
- Test their submission, before sending it to CFR
- Automatically validate tax forms
- Avoids the use and transfers of unsecure text files with sensitive employee details across team members
- Be able to confirm FS5 Payments and discrepancies from within their Payroll Software
- Visually understand their FS7 in an interactive way, through pie charts highlighting the different deductions, gross emoluments and fringe benefits
The online lodgement facility is required to submit data to the Commissioner for Revenue for any company that has employed at least ten people during 2022. Companies that are smaller than ten people are still able to make use of the online submission process.
FSS Submissions through Buddy’s payroll software are available immediately for all users of Buddy.hr. In fact, since its release, FSSXpress™ has already been used by several customers to submit their annual FSS files to the government successfully.
The team at Buddy showcased the novel function through a short video that can be viewed below.
Buddy empowers payroll bureaus, accountants and businesses to operate payroll and HR more efficiently. Their cloud payroll system currently ensures that tens of thousands of employees are paid correctly and on time every month. You can contact the team at Buddy via email at firstname.lastname@example.org or via phone at 20331199.