FB FOR EMPLOYMENT SCHEMES AND EBT
Fiduciaries are increasingly getting involved in providing a range of services to provide employment schemes and employee benefits in a diverse number of ways. We have worked with several of our clients to build solutions based on Flyingboat’s core competancies to deliver automation and efficiency in delivering solutions for these businesses.
Flyingboat accomodates solutions in a number of areas:
- Employee Benefit Trusts and ESOP’s
- Employment Scheme Administration
- Offshore Payroll Services
Fundamentally each of these areas utilise common aspects of Flyingboat’s core structures.
- Entity database is used for containing details of beneficiaries, employees etc.
- The core and secretarial functions provide facilities to maintain corporate records of the structures used in these forms of administration – EBT’s, Holding Companies etc
- Bookkeeping – to maintain the financial records relating to the structures and the individuals who participate in the structures whether as employees, beneficiaries etc.
Where automation and efficiency has been delivered is by addressing the procesing requirements of schemes which can vary from tens to hundreds of participants. Typically data is received electronically from a sponsoring organisation and this data is then validated and processed – maintaining the bookkeeping and other data, producing documentation, electronic notifications, and effecting payments by electronic interfaces. Payments can be for payrolls, loans or any other reason that the scheme supports.
Added to this are the periodic reporting for statutory purposes, employment returns and we have worked in this respect with UK HRMC returns such as P11D.
