EMERGENCE NOTICE: BERMUDA PAYROLL TAX UPDATE
Emergence is happy to announce the release of our Bermuda Payroll Tax Amendments Update. We appreciate your patience as we waited for Government’s finalization of requirements and communications. The update is necessary to correctly calculate the Employee portion of the payroll tax deduction that will be based on the marginal tax rate that comes into effect July 1st 2017. Thank you to those clients that have participated in the beta-testing process as we took into consideration requirements from our many clients leveraging Microsoft Dynamics GP for Payroll. Our solution has been developed as part of the Emergence Payroll Tools Module and is available for all licensed clients utilizing GP version 2010 and upwards. There will be a one time fee of $500 for the update and will include an audit report to reconcile the calculated tax. Installation, configuration and training will be performed at standard service rates. Please note, if you are on a GP version earlier than GP 2010, we will have to work with you on an alternate solution. Emergence would like to begin scheduling with clients a time to apply the update to their Microsoft Dynamics GP environment. Please contact us at email@example.com to begin the process. Notes:
The update will calculate payroll tax cumulatively, requiring no ‘true up’ at quarter or year end.
The update will calculate recurring and one-time earnings such as Bonuses and Director’s fees.
Payroll Tax is setup as a Benefit and Deduction (or Benefit only, if the employee portion is paid by the employer).
Consideration has been made for clients currently using “Local Tax” setup within GP.
Includes an internal payroll tax audit report.
The update is set to work for pay runs after July 1st, as such June pay runs will not be impacted.
Emergence will need access to the SQL Server only. There is no workstation install required.
Any additional changes made by Government will be incorporated and released in a timely manner.
If you have any questions, please do not hesitate to contact us.