PAYE Modernisation for Payroll Bureaus - The ins & outs of increasing fees without losing clients
PAYE Modernisation is the most significant change ever to happen to the Irish PAYE system and introduces a new and improved way of reporting to Revenue. Employers will need to submit information to Revenue in real time, every time an employee is paid, and as a result, the PAYE system will be more efficient. All employers with at least one employee will need to comply with the new system by law.
PAYE Modernisation does not change the way PAYE is calculated; it just means that employers will need to make more regular submissions to Revenue each time the payroll is processed. Every time you pay your employees, a file known as a Payroll Submission Request (PSR) will need to be submitted to Revenue.
PAYE Modernisation as a profitable service?
For employers who submit a yearly P35 return or those with little payroll experience, the changes to the payroll legislation will be complex and hard to understand. If your clients outsource their payroll processing to you, they will expect you to deal with PAYE Modernisation on their behalf. It is important that you work with your clients to make sure they are fully ready for PAYE Modernisation and understand the additional work required on your behalf.
The new PAYE legislation will be a big change for all employers - it will abolish the once a year P35 submission system, forcing them to submit their payroll information to Revenue each pay period. With the added workload required to process PAYE Modernisation, it is inevitable that these types of clients should expect to pay more for the extra work provided. Payroll bureaus will now need to prepare, process, finalise the payroll and submit the information to Revenue each and every pay period. PAYE Modernisation is the perfect platform to re-align your payroll services as a viable growth area of your accounting firm or payroll bureau.
This guide will examine practical tips to ensure PAYE Modernisation will be a smooth and profitable process. Be ready to offer PAYE Modernisation as a service that your clients will be happy to pay for.
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