This article explains how the FS5 is generated, with specific focus for non-Monthly Payrolls
What is the FS5?
The FS5 is a monthly payroll summary which informs the MTCA of:
- The gross amounts paid in payroll to employees
- Amount of Taxes and Social Security Contributions collected
- The deductions due to be paid to MTCA
How is the FS5 generated?
When a payroll is concluded, an FS5 is automatically generated, or if it already exists, it is updated.
The FS5 is also updated when payroll reports are refreshed from the Payroll History
How are Non-Monthly Payrolls Allocated to FS5s?
As non-monthly payrolls have more than 12 payrolls per year, some FS5s will allocate more than one payroll.
In such case, Buddy will check the end date of the period to allocate that to an FS5. The only exception is the final payroll, which even if it ends in January of the following year, will be allocated to December.
When Should I submit my FS5?
Especially in the case of non-monthly payrolls, it is recommended to only finalise and submit the FS5 after all payrolls ending in that month have been completed.
In case you have already submitted an FS5 that was updated by a following payroll, you may require to re-submit to ensure the final details are correct.