The ever changing compliance requirements placed on employers makes it impractical for them to stay current.
Keeping up with the payroll taxes, statutory rates of pay, national employment councils levies, workers compensation, leave pay, gratuities and pensions can be a formidable task.
However, our payroll software platform makes it easy to accomplish all of the above by carrying out the weekly or monthly preparation of employees’ payslips and other payroll functions.
The software automatically generates payroll summaries of Pay As You Earn, National Employment Council levies, National Social Security Authority's pensions and workers compensation insurance and other payroll deductions.
In addition, our payroll service includes attending to Pay As You Earn audits, National Social Security Authority inspections, Zimbabwe Manpower Development Fund and Standards Development levy inspections.
Our payroll consultant ensures the accurate calculation of monthly Pay As You Earn (PAYE) in accordance with the Final Deduction System (FDS) and prompt submission of the PAYE returns to the Zimbabwe Revenue Authority.
It is the responsibility of employers to prepare and submit Annual PAYE (ITF16) returns to the Zimbabwe Revenue Authority thirty days after the end of each fiscal period. Our firm often shoulders that responsibility.
Our firm plays a leading role in ensuring voluntary compliance. To this end, we ensure registration of new business enterprises with statutory bodies such as the National Social Security Authority, National Employment Councils and the Zimbabwe Manpower Development Fund.
After registration, we often take care of monthly submissions of the required returns as well as providing any other information the statutory bodies may require from time to time.
We advise small business enterprises to register as private business corporations. This type of legal entity is easy on statutory requirements.
On the other hand, we highly recommend that medium sized enterprises be registered as private limited companies. Owing to their size and capacity, private limited companies are better placed to comply with the requirements of the Companies Act. They are currently the most common form of incorporated business entity in Zimbabwe.
Currently all new registrations by the Registrar of Companies must be carried out in accordance with the provisions of the new Companies Act.
Unlike private business corporations, the legislative framework under which private limited companies operate is complex.
To facilitate compliance, Next investments accept appointment as company secretary to small and medium sized companies.
To this end, the firm performs the outsourced company secretarial duties including preparation of minutes, the chatty, share transfers, allotments, ordinary and special resolutions.
In addition, our firm diligently prepares other company statutory returns (Annual returns, CR5, CR6, CR11 etc) and submit the same to the Registrar of Companies.