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.