The introduction of PAYE Modernisation is just months away, leaving employers bewildered and confused about what the new PAYE system will entail. Essentially, all of the current ‘P Forms’ - P30s, P35s, P60s, P45s and P46s - will be abolished, and in their place will be real time periodic submissions to Revenue. Employers will be required to send these submissions, known as Payroll Submission Requests (PSRs), to Revenue each time an employee is paid. In most cases, this means a file will be submitted either weekly or monthly.
As Revenue will be receiving file submissions each pay period, the annual P35 will no longer be required. In addition, this periodic file will eliminate the need for P30s.
The files being submitted each pay run will also have details of employees commencing and employees leaving. This will mean that P45s and P46s are no longer required to be completed by the employer.
At the end of a tax year, the individual taxpayer will be able to view and print their official certificate of earnings and deductions directly from the MyAccount portal on the Revenue website. This means that P60s should no longer be needed.
PAYE Modernisation should not add to an employers workload. In fact, employer responsibilities will be greatly reduced. Payroll software will be able to seamlessly integrate into the Revenue system, enabling employers to make the periodic submission directly from the payroll software at the click of a button.
Thesaurus Software is at the forefront when it comes to PAYE Modernisation compliant payroll software. With two different payroll packages to choose from - Thesaurus Payroll Manager and BrightPay - customers will be guaranteed leading edge software and expertise. We have already experienced the introduction of a similar real time reporting system with our UK payroll software.
Book a demo today to find out just how easy PAYE Modernisation can be when using the right payroll software package.
BrightPay was announced the winner of ‘Payroll Software of the Year’ at this year’s AccountingWEB’s Software Excellence Awards.
The awards, which took place in London, are held by AccountingWEB - an online community for accounting and finance professionals in the UK. The winner is decided by a public vote, whereby members are asked to rate the software systems they use to determine the best products on the market.
It’s a great achievement for BrightPay to win the prestigious award, especially when you look at the number of larger software companies offering payroll in the UK. BrightPay also has a 99% customer satisfaction rate, and is used to process payroll for over 120,000 businesses across the UK and Ireland.
Marketing Manager at BrightPay, Karen Bennett says: “We’re delighted to win this award; it’s fantastic for BrightPay and our team to be recognised by our customers and the AccountingWEB members, and a massive thank you to everyone who voted for us.”
Paul Byrne, Managing Director, says: “It’s a real pleasure and honour to receive this award. It’s great to see such recognition for all the hard work we have put in. We work hard each year to improve the BrightPay experience for all of our customers, both in terms of the payroll software itself and the customer support that we offer.”
BrightPay in Ireland
In the Irish market, BrightPay is currently preparing for PAYE Modernisation, a real time reporting system that is being introduced on 1st January 2019. Essentially, employers will be required to report pay information to Revenue each pay period. This overhaul of the Irish PAYE system aims to ensure that employers and employees have the most accurate, up-to-date information relating to pay and tax deductions.
A similar system was introduced in the UK in 2013, which was seamlessly integrated into BrightPay UK payroll software. We have the relevant experience to ensure that PAYE Modernisation is just as streamlined in BrightPay Ireland. By switching to BrightPay Ireland, you can be assured that you have PAYE Modernisation compliant payroll software.
Book a demo today to see how BrightPay can help you with PAYE Modernisation.
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Opinions and feedback from our customers matter to us. We love to hear comments and suggestions from users in order to improve our customers’ experience. We recently conducted a customer survey to get an insight into what customers think about Thesaurus Payroll Manager and to find out what new features our customers want. We appreciate all the feedback received from this year’s survey and would like to say a massive thank you to everyone who took part.
The survey looked at customer satisfaction rates, software performance and customer support. We were delighted to discover that the customer satisfaction rate for our payroll software has remained at its exceptional 99%. The satisfaction rate for the customer support offered has also kept its 99% satisfaction rate.
One of the most common suggestions from this year’s survey was for the ability to reverse the payroll for individual employees rather than having to re-input the payroll for all employees. We are delighted to confirm that Thesaurus Payroll Manager 2019 will allow you to make corrections to previous pay periods for individual employees.
The survey also included some questions regarding our optional cloud add-on, Thesaurus Connect. With an overall satisfaction rate of 91%, customers rated Thesaurus Connect’s features highly, including the secure online backup (99%), payslip & P60 online accessibility (98%), HR document upload (98%), value/price (97%) and its ability to reduce payroll administration tasks (90%).
Watch this short video for an overview of how Thesaurus Connect can meet your payroll and HR needs.
This year’s survey also looked at PAYE Modernisation. With the introduction of this new system just three months away, we were surprised to find out that almost 7% of employers said that they were not aware of the upcoming changes.
When looking at the question ‘Do you feel prepared for the introduction of PAYE Modernisation?’, the results were also quite worrying. Just 2% of employers said that they felt extremely prepared, while a massive 32% said they felt not at all prepared.
It is important that all employers understand the new PAYE changes being implemented. We are running a series of free PAYE Modernisation training webinars with a guest speaker from Revenue. Make sure to book your place now.
Alternatively, you can book an online PAYE Modernisation demo with Thesaurus Payroll Manager to find out what the software will look like in 2019.
The introduction of the General Data Protection Regulation (GDPR) in May brought with it new and more stringent rules around the security of personal data and how it is processed.
The new legislation places increased responsibilities on all those parties that process personal data. All organisations, regardless of size, have had to comply with the GDPR. As part of their preparation for the GDPR, employers were required to introduce or update existing policies regarding personal data held.
Free Webinar: GDPR 3 Months On! (20th September @ 11.00 am)
Thesaurus Software is hosting a free GDPR webinar this September where we will have a guest speaker from the Data Protection Commissioner’s office. The webinar will be CPD accredited and free to attend.
In this webinar, we will look at what’s new in GDPR, how it may affect your business and what we have learned from the GDPR three months after it’s introduction. We will also discuss how Thesaurus Software can help your organisation utilise the new data protection regulations for the benefit of you, your customers, suppliers and employees.
Laura Murphy - Laura is an experienced Human Resource professional with unique global experience. She has worked in-house and in external consultancy roles for SMEs, international organisations and public sector bodies across the UK and Ireland.
Jennie Hussey - Jennie is an experienced Employment Law Advisor with a demonstrated history of working in the HR and payroll industry.
Guest Speaker: Graham Doyle - We are pleased that Graham Doyle, Head of Communications from the Data Protection Commissioners office will be joining us to discuss GDPR and the effect it is having on all businesses.
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Currently, the national minimum wage is €9.55 per hour, which increased on 1st January 2018. The Low Pay Commission has recommended that the national minimum wage be increased by 25 cent to €9.80 per hour. The Government has accepted this recommendation and this increase is due to be introduced in January 2019.
This is the fifth increase of the national minimum wage since 2011. This increase could benefit up to 120,000 employees, increasing their hourly rate by 2.6%. An employee working 40 hours per week will see their gross pay increase by €10.00.
The new minimum hourly rates will be:
The Taoiseach, Leo Varadkar said “this increase will put us in the top five in the world for our national minimum wage in cash terms and purchasing power.”
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We are very excited to announce that Thesaurus Software has secured investment from Hg, a specialist technology investor.
Hg’s structured minority investment strategy, Transition Capital, will fund the investment.
Transition Capital offers privately-owned businesses an attractive alternative to a minority equity sale.
This partnership benefits Thesaurus Software as we can access the experience and support of Hg and its network, whilst retaining voting control of the business.
The Irish market continues to represent our core customer base where we expect to see further growth with the introduction of the PAYE modernisation legislation coming in January, 2019. We also launched into the UK market, just six years ago, where we’ve seen our UK customer base grow to an impressive 25,000 customers.
Our payroll software products; Thesaurus Payroll Manager and BrightPay Payroll will automate the tasks involved in the upcoming PAYE modernisation legislation. We have developed user friendly automation features to receive and send the required PAYE information to and from Revenue. Our aim is to target the many employers who are still processing their payroll on manual systems or spreadsheets. At Thesaurus Software, we believe our products offer key automation functionality that can save our customers time and money.
Paul Byrne, Managing Director said:
“Our aim is to establish ourselves as the leading provider of payroll and HR software systems in the UK and Ireland. The combination of Hg’s understanding of the market and our innovative products will help us achieve these goals.”
Hg has many years experience operating in the payroll and HR space. The investment and partnership will allow Thesaurus Software to leverage that expertise to continue to grow our market share in Ireland and the UK. It is fantastic to have a partner that shares our vision for the future and recognises the potential our products have. We’re excited for the future!!
Peter Miholich, Director, Hg, said:
“We have been really impressed by the dedication of the Thesaurus team to delivering great software and outstanding service to their customers. We look forward to partnering with Paul, Ross and the team to take Thesaurus Software to the next stage of its development, adding our experience and strong track-record of working with successful businesses in Accounting and Payroll software.”
About Thesaurus Software
Established in 1991, Thesaurus Software offers payroll, HR and accounting software products to Irish and UK businesses and accountants. We provide powerful software that is both cost effective and easy to use. Our suite of payroll and HR products save businesses a considerable amount of time by utilising automation and innovative technology. Currently, our products are used by over 120,000 (and counting) businesses across the UK and Ireland. We are a passionate team who strive on the excitement and challenge of continuous growth, improvement and development. Our plans for the future are big!
Hg is a sector expert investor, committed to helping build ambitious businesses across the technology, services and industrial technology space, primarily in Europe. Deeply resourced sector teams focus on specific sub-sectors and investment themes to identify companies occupying an established position within a niche, and which have the potential to grow faster than their market, create employment and become the leader in their industry. Hg’s dedicated operations innovation team provides practical support to management teams to help them realise their growth ambitions. Based in London and Munich, Hg has funds under management of over £10 billion serving some of the world’s leading institutional and private investors. For further details, please see www.hgcapital.com
The Irish PAYE system was first implemented back in 1960 with no major changes since its introduction. Ireland today is very different compared to what it was 58 years ago - so why should the PAYE system remain the same?
For the past few years, Revenue has been working on a much needed and well overdue facelift of the Irish PAYE system. The new system, known as PAYE Modernisation will replace existing PAYE processes from 1st January 2019. Many employers are left wondering what the difference is between the two systems, and more importantly, which system is really better?
With PAYE Modernisation, there will be no P30s every month or quarter and no P35s at the end of the tax year. In fact, all ‘P forms’ will be eliminated.
Instead, submissions will need to be sent to Revenue in real time, detailing employee pay and tax information. These will be known as Payroll Submission Requests (PSR), and will need to be submitted ‘on or before’ the date an employee is paid each pay period. In most cases, this means a file will be submitted either weekly or monthly.
Some employers are worried that this will massively add to an employer’s workload. Realistically however, the payroll process will require much less of an employers time. Payroll software will be integrated with Revenue so that for employers, the file will be automatically prepared and sent directly to Revenue at the click of a button.
The retrieval of tax credits will also be automated, which should ensure that the correct credits are being applied by employers. With payroll software, Revenue integration will enable employers to receive changes to an employees tax credits directly from Revenue and update it in the payroll software at the click of a button. This file will be known as a Revenue Payroll Notification (RPN).
Regardless of how frequently an employer will be required to send submissions to Revenue, the payment date will remain the same. There will be no change to the method that employers currently use to make the Revenue payment.
Find out what else the new system has to offer with Thesaurus Software’s free online PAYE Modernisation webinars.
Although employers will still have the option to process their payroll manually, it will be very cumbersome and tedious, with the changes becoming more of a hindrance than beneficial.
Employers are advised to use PAYE Modernisation compliant payroll software so that the entire system will be smooth and integrated. With payroll software, employers will benefit from a reduced workload as a result of PAYE Modernisation, while making the payroll process much easier and streamlined.
Thesaurus Software is the number one payroll software provider in Ireland with two payroll packages to choose from - Thesaurus Payroll Manager and BrightPay.
Book a demo today to see how PAYE Modernisation will affect your business.