26
Jun
Overview
With effect from January 1st 2019, the PAYE system operated by the Revenue Commissioners is being redesigned. The PAYE Modernisation Project will be a new real time reporting regime operational for all employee payments. Employers will need to calculate and report their employees’ pay and deductions as they are being paid.The file containing all details of employee payment will need to be submitted every pay period, i.e weekly, fortnightly, monthly, etc.
The regular information to be submitted to Revenue will be similar to the information currently being provided on the annual P35 return.
The most accurate, up to date information relating to pay and statutory payroll will be processed by employers, agents and payroll providers to Revenue. This will ensure that the correct amounts of Income Tax, Universal Social Charge (USC), Pay Related Social Insurance (PRSI) and Local Property tax (LPT) are:
- Deducted at the right time,
- Deducted from the right employees,
- Paid by employers in the correct amount of deductions for every employee.
What are the benefits?
For an employer:
- Seamless integration into payroll.
- Minimise employer cost to comply.
- Abolition of P30s, P45s, P60s and end of year returns.
- Right tax paid on current due dates.
- Time savings.
For an employee:
- Simplified online services.
- Maximise use of entitlements.
- Automatic end of year review.
- Real time accurate data.
- Transparency.
Is your business ready for the changes being implemented ?Talk to our payroll consultants today on 094-9027426 for a quote on our payroll services and take the stress out of your business by being ready for PAYE Modernisation on January 1st 2019 and let TriPro prepare your payroll and look after your reporting requirements.