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Announcements
End-Year Process (EYP) for 2016
Before starting a new payroll for 2017, it is necessary to perform the End-Year Process (EYP) in MicroPay. This process archives all your employee Year-to-Date (YTD) data and prepares MicroPay for processing payrolls in the New Year. This archived data is used for TD-4 processing and routine end-of-year reconciliation exercises.
The entire EYP is performed with the click of a button in MicroPay and takes only a few seconds. For step-by-step instructions on how to run the End Year Process, see section 17.0 'End Year Process' of the MicroPay Manual. This section also contains information on how fortnightly payrolls should be processed in the case of a fortnight ending in the New Year.
Please note the following:
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A program update is not required before performing the End-Year Process(EYP) | |
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Before performing the EYP, you should complete and post all payrolls for 2016 and make a backup. Backing up your data is critical, as the EYP cannot be undone. |
What's New
PAYE Changes in 2017
Effective January 1st, 2017, a change to the PAYE computation takes effect as follows:
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Chargeable income up to $1m will be taxed at 25% | |
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Chargeable income in excess of $1m will be taxed at 30%. |
For MicroPay version 2, clients can edit the PAYE settings in the Preferences menu to reflect the change as shown in the screenshot below.
Please note the following:
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A program update is not required for the new PAYE settings | |
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The PAYE settings are to be changed after the EYP for 2016 is completed and before running your first payroll for 2017. |
For MicroPay version 3, users will need to do a live-update before doing the End Year Process (EYP) for 2016 or any Fortnighly payroll split across 2016-2017.
Please note the following:
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The PAYE settings will be automatically updated after the EYP for 2016 is completed | |
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For fortnightly payrolls that roll over to 2017, users no longer need to split the payrolls. Please contact your Support Representative for further details. |
Did You Know?
Bonus Run
This feature allows the user to create multiple runs within the same payroll period for one-off payments such as end-of-year bonuses, commissions, etc. The Bonus Run feature also checks previous earnings within the same period to ensure that employees are deducted the correct NIS contributions when additional payments are made. For details on how to use the Bonus Run feature, see section 14.5. 'Using The Bonus Run' of the manual.
TD-4's for 2016
Please note that upon completion of the EYP, TD-4 forms for 2016 will NOT be immediately available in MicroPay. MCS Software Ltd. is currently in the process of obtaining approval from the Board of Inland Revenue to reproduce the TD-4 forms for our clients. Subsequent to this approval, the form will be made available via a program update. Clients will be notified at the earliest possible opportunity via our newsletter.
MicroPay 3
Support for MicroPay version 2 will be ending in December 2017. Program updates and customisations will no longer be available for this version. Your 2016 TD4s will be the last generated for version 2.
For details on the benefits of MicroPay 3, please visit the product page at our website: http://mcssoftware.biz/?page_id=63
You may contact your respective sales representative for further information.
NIB Seminars
The National Insurance Board provides seminars to businesses throughout Trinidad & Tobago FREE of charge. These seminars aim to educate Employers and Employees on their obligations and entitlements in respect of NIS contributions. You are encouraged to take advantage of this opportunity. More information can be found at the NIB’s website www.nibtt.net/News_09/NIB_dir.html
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