26
Jun
The way an employer will report employees’ pay and payroll deductions to Revenue will change to real time reporting with effect from January 1st 2019. This means that the current returns reported to Revenue such as P30’s, P35’s, P45’s and P60’s will all be abolished.
What will this real time reporting involve?
- Each time an employer pays an employee the employer will have to:
- Request a Revenue Payroll Notification to calculate deductions correctly
- Submit the following payroll data to Revenue:
- Amount of pay
- Payment date
- Amount of Income Tax, Universal Social Charge (USC), Pay Related Social Insurance (PRSI) and Local Property Tax (LPT), deductible or repayable
- Reconcile Revenue’s response to the report submitted.
- Each month the employer will:
- Accept a statement from Revenue showing the total payroll deductions as your monthly return
- Pay the amounts due to Revenue by the due date.
Do you think you will have the time each pay period to facilitate all the above as well as providing pay slips to employees, making their payments to them and managing your business? TriPro can take the burden from you by preparing the payroll, providing payslips to employees directly, providing summary reports to you per pay period and returning all data to Revenue as required for each pay period ensuring you are compliant with all new legislation.
Contact us today on 094-9027426 and talk to our payroll specialists or send us an e-mail to info@tripro.ie for more information on our service can aid your business.
Be ready for January 1st 2019!!