Prepare IR56M when recipient is a company

12-Aug-2022 ยท Felix Fung

Why Prepare IR56M when the recipient is a company?

You have several contractors whose payment has to be reported in IR56M. You would like to be reported as company but not individual person.

What you need?

  • Company name and the Business Registration number of these contractors

How to prepare Contractors for IR56M submission?

1. Disable "Require Tax Filing?"

  • Go to Staff -> Placement -> Salary section -> Disable "Require Tax Filing?" if the staff submits IR56M

2. Create Certificate Type for Business Registration

  • Go to Master Data -> Certificate Type -> Add New
  • Code = BR, Name = Business Registration
  • Save

3. Add the company as Certificate in Applicant

  • Go to Staff -> Applicant -> open the staff profile
  • Add a new certificate record to Certificate section
    • Certificate Type = Business Registration
    • Certificate Name = BR
    • License Number = Business Registration Number[Company Name]
      • e.g. 12341234[ABC Limited]
    • Authority can be "-"
  • Repeat these steps for other staff as needed
    • You can do it through importing if you want to add a batch of records in once
    • Please delete the existing records in the template file before importing the file. Otherwise, the records would be duplicated
  • When generating IR56M, if the system would detect the existence of such Certificate record, the company name and Business Registration number will be used.

What's Next?

  • Generate the IR56M to check the setting
  • Submit IR56M to IRD
  • Print/Email the IR56M to staff