Payroll Services
Highveld PFS is a properly registered contract management broker with all the necessary statutory authorities.
The diagram below indicates how our CONTRACT MANAGEMENT structure operates.
Company
- Contract between company & Highveld PFS for the service of the Contractor / Consultant
- Invoice submitted to company for total cost to company
- Company pays Highveld PFS total amount indicated on the VAT invoice without any deductions
Highveld PFS
- Service Contract between Highveld PFS & Contractor / Consultant
- Structuring of Remuneration package
- Highveld PFS pays net salary after deductions within 24 hours
- Contractor's personal tax return is taken care of at no extra charge, provided that the client has been with HPFS for at least six months in a given tax year.
Contractor / Consultant
SERVICES TO BE RENDERED DURING CONTRACT MANAGEMENT
Towards Company:
- Highveld PFS becomes a creditor of the Company delivering an all-inclusive VAT invoice for the monthly gross remuneration of the contractors.
- HPFS ensures payment of individual salaries through our electronic banking system.
- All UIF, PAYE, RSC-levies, Workmen’s compensation fees and Skills Development Levies are taken care of by Highveld PFS, and it will not be necessary for the Company to register for PAYE, UIF, SDL or Workmen’s Compensation.
Towards the Contractor/Consultant:
- Obtaining initial personal detail to structure individual packages.
- Updating personal detail with future changes.
- Auditing reimbursements and crediting contractors/consultants where applicable.
- Making available an income statement via e-mail, on our website or by normal post, setting out our calculations and distribution of the contractor’s remuneration.
- General tax advice.
- The contractors/consultants have the choice of joining the Group medical aid and Provident fund of Highveld PFS. These funds will provide the contractor/consultant with the best benefits, as they are established funds.
OUR FEE STRUCTURE FOR CONTRACT MANAGEMENT
Highveld PFS currently charges a fee of R595.00 (as from Feb 2010) per month plus 2% of the gross income. The 2% is to cover the company’s responsibility in terms of statutory expenses such as, Workmen’s Compensation Commissioner, Skills Development Levies and UIF. The fixed fee is to cover all administration done for a client on a monthly base, as well as the finalisation of each client’s tax return at the end of the financial year, at no extra charge, provided that the client has been with Highveld PFS for at least 6-months in a tax year. An annual, inflation related, increase usually takes place on the 1st of March of each year.