Franchise with 3 Beans Coffee co
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Step by Step....
Phase 4 - Staff & the Admin
As with many aspects of starting a small business, there is no small amount of paperwork involved in taking on staff. The first step involved is usually registering for as an employer, your accountants can help with this.
Once you’ve got that, you’ll want to familiarise yourself with your tax obligations as a employer, including providing required employee benefits such as pensions. As an employer you are also responsible for withholding taxes from your employees’ pay. What’s more, you are obliged to ensure all withheld tax is forwarded to the government within a defined time frame (usually a matter of days after the pay was issued). Failure to do so can result in a fine. Again your accountants can help with this.
You are also obliged to file tax return which must detail, amongst other things, your employee pay and withholdings. Once again, failure to do this can result in, you guessed it, a fine! As you can see, it’s important to be up to speed on the rules and regulations around taking on employees, including, of course, provisions around hiring foreign workers. The good news is that there are a number of affordable payroll software providers that automate this process very effectively.
Each employee must fill out a contract form when joining your business. This will provide the information required to calculate tax etc. Again, good payroll software will automate this process. There are also excellent third-party companies that will take on the responsibility for this process, which can be a huge time-saver.
I will provide all the initial documentation required for staff files.