PAYE MODERNISATION AND WHAT IT MEANS FOR YOU

We are now a month into Revenue’s new PAYE Modernisation reporting system and there are still some concerns being voiced by employers. Worries about compliance, errors and making changes are the main talking points.

To summarise, the new system requires a real-time submission of wages details before a payment is made to an employee, so weekly, fortnightly or monthly submissions are now necessary, depending on your employees’ pay schedule.

Revenue will then calculate your monthly liability and issue a statement at the end of each month. Changes and amendments can be made to the statement prior to the 14th of each month, by which time the statement becomes your Statutory Return and is payable the 23rd of the month.

Complications can arise on foot of taxable expenses, however. These have to be submitted on the same basis as wages – ie on or before the payment of same. It is therefore important to ensure that your Payroll department is made aware of taxable expenses due to be paid to an employee from any another department so that submissions can be made on time.

According to Revenue, the new process should benefit the employer in the following “SMART” ways:

  • 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 more information, see the Revenue website here.

Here are Sol-Est / Computerised Bookkeeping Systems, we provide legal and real estate practices with computerised payroll services, fully integrated into Revenue’s new system. For a small monthly fee, you can save on software purchases, processing time and submission worries by having us complete your payroll for you. Just get in touch to discuss your needs.

Sol-Est Accounts & Computerised Bookkeeping Systems, 2019

074 97 22918

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