If your business is international, an expatriate payroll system may well be required.
This offers benefits to both employees and employers alike, with some of the main advantages relating to taxation. If an individual relocates to work in a country where a higher rate of tax applies, expat payroll can ensure they do not suffer financially as a result of the move. It can also be arranged for employees to receive split wages between two bank accounts, one in their native country, with the remaining pay going in to a bank account in their current location.
Establishing an expat payroll system requires a great deal of consideration, and there are numerous pitfalls which can occur along the way when looking to ensure tax compliance. With this in mind, it may well be beneficial to employ an expatriate payroll advisor.
Expatriate Payroll Advisor Responsibilities
There are numerous areas for consideration when it comes to establishing an expat payroll, with some of the most urgent as follows:
- Foreign payroll and tax law
- Employment law regulations
- Tax treaty basics
- Expatriate policy
- Intercompany accounting
- Domestic tax law regarding international transfers
- Tax equalisation
- Foreign exchange concepts
While the exact duties of your expatriate payroll advisor will vary slightly depending on your business, these considerations will almost always be extremely relevant when looking to find the ideal candidate to move your company forward.
Once you have gained the advice of this expert advisor, a decision can be made on the course of action which should be taken by the business to expand, such as the recruitment of a full time global payroll manager.
Contact Portfolio Payroll
To get in touch with the recruitment experts at Portfolio Payroll, call 020 7247 9455, or email email@example.com. We are the only payroll recruitment agency recommended by CIPP, and have a proven track record of success when it comes to finding the ideal candidate for a payroll position.
Whether you represent a business or are looking to register yourself for a vacancy, the helpful and professional team at Portfolio Payroll will offer dedicated guidance on the next steps to take.