WAGE BOOK

A good way of recording the wage details of your employees is by using a wage book. Recording details of employees’ pay on cheque stubs is not sufficient.

 

The following are some helpful hints when using the wage book:

  • Use a separate wage book for each tax year and give yourself space.
  • As soon as an employee starts working for you, or when you are writing up the wage book for beginning of each tax year, use a fresh page in your wage book for each employee. Keep a separate page for each employee, even if he or she was only employed for one day.
  • Make sure you get the employee’s details such as his or her ID and NIS number, and tax code.
  • Summarize the details for each employee at the end of each PAYE deduction payment period (15th of each month) in your wage book. This will be monthly.

 

Keep a summary sheet (at the back of the book) which shows the total of each deduction period of:

  • Gross wages
  • PAYE deductions
  • NIC deductions
  • Any other deductions

 

This information will help you fill-in each TD5 for each employee and your end of year TD6 reconciliation.

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Ⓒ2013 Inland Revenue Department, Government of Saint Lucia.