Every Nigerian business needs to pay its employees.
The employer needs to deduct PAYE and pensions before paying employees the net salary.
The average Nigerian employer isn’t an accountant. He needs a guide on How to prepare Nigerian payroll.
Effective 1st January 2021, the Finance Act made some changes that affect the way that PAYE is computed.
It therefore means that every business needs a new Nigerian payroll template to compute PAYE, Pensions and indeed the entire payroll.
The two major changes which affect the way that PAYE is computed are:
1. The definition of gross pay which used to mean the total emoluments made to an employee, was now changed to exclude the deductions like pensions and NHF. This change now affects the computation of the CRA (Consolidated Relief Allowance); thereby affecting the computation of PAYE.
2. Employees earning the Nigerian minimum wage of 30,000 Naira and below, was exempted from PAYE.
With these 2 changes, Nigerian employers and accountants need to seek a payroll template that every easily does all the computation and is in compliance with the recent changes of the Finance Act.
Now that’s where we come in.
We have a Nigerian Payroll Template that meets your exact need.
It is part of our amazing Payroll Toolkit that can be found here: www.accountinghub.ng/payrolltoolkit
It is the perfect answer to an accountant or anyone who is searching for a 2023 updated Nigerian payroll template in excel format.
At Accountinghub, we offer payroll services in Nigeria to Nigerian businesses.
Our payroll services cover all these:
- Setup and advice on a payroll structure
- Collate monthly variations/updates (Joiners, Leavers, Promotions, Suspensions, Leave, Loans, Other Deductions, etc.)
- Monthly Payroll Run -Prepare the payroll each month, before the agreed date
- The company moves money to us and we pay employee salaries to their respective bank accounts
- Remit PAYE to the Lagos State Internal Revenue Service (LIRS)
- Remit Pensions to the respective PFAs of the employees (where applicable)
- Remit NHF to the Federal Mortgage Bank (where applicable)
- Send e-payslips to all employees
- Register the business with PENCOM, ITF and NSITF
- Register new employees with Pension Funds of their choice
- Store the tax files and payroll neatly in easily retrievable formats
- Annual remittance and filing to ITF (where desired)
- Annual remittance and filing to NSITF (where desired)
- Annual filing to the LIRS
- Assistance to process and obtain TCC cards for employees each year
You should give us a call to buy our payroll services in Nigeria or to learn how to prepare the Nigerian payroll.
Call +234 803 720 8307 or email info@accountinghub.ng