PAYE Modernisation was first brought into effect on the 1st of January 2019. It was created to simplify the payroll process by abolishing the paperwork involved with P45s, P60s, and other related documents.
It was also established to improve the transparency of the PAYE system, ensuring that employees are paid properly with the correct tax deductions and cut-off points applied.
This is great for employees as the PAYE Modernisation real-time reporting process means that the correct tax is deducted when an employee is paid, reducing tax inaccuracies across the board for employees.
Unfortunately, as an employer processing payroll, it is now your duty to ensure that employees are being paid properly – that also includes applying the correct tax deductions and cut-off points.
If you’re calculating PAYE Modernisation manually, this can leave space for mistakes and errors to occur. All employers must calculate and report their employees pay and deductions in real time, every pay period.
Not only that, but payroll legislation also changed (as we saw in January 2019) and not staying up-to-date with the latest rules and regulations can lead to quite costly penalties.
Did you know that if employers fail to engage with Revenue or who persistently breach the PAYE regulations are liable to a €4,000 penalty per offence?
Yes, you read that correctly. Not only that, but there’s also a hefty €3,000 penalty on the company secretary per offence! *gulp*
Revenue has recommended for businesses to invest in a payroll software that is integrated with PAYE modernisation to make the process as smooth as possible.
Here at Thesaurus, we’ve worked with Revenue to ensure our payroll software is fully compliant with all PAYE Modernisation requirements.
Here are five fantastic ways Thesaurus can help your business with PAYE Modernisation!
Manually processing your payroll can take a hefty toll on admin work, as you need to create payroll files as well as upload all relevant information to ROS for every single pay period in real time.
Thankfully, Thesaurus payroll software is fully integrated with Revenue, making your payroll process smooth and seamless for you.
You can retrieve RPNs (Revenue Payroll Notifications) straight from Revenue within our software, and can also send PSRs (Payroll Submission Request) directly to Revenue in just a matter of seconds!
Whether you have one employee or 10,000 employees – we accommodate businesses of all sizes here at Thesaurus. So, no matter the scale of your business, we have what it takes to fully streamline your PAYE Modernisation process.
PAYE Modernisation can really be such a monotonous and lengthy task, but it doesn’t have to be that way!
Thesaurus payroll software can:
Not only does this save you time – it also increases the efficiency and running of your business – allowing you to attend to more important business tasks at hand. It also increases your Revenue compliance, ensuring the correct payment details are being sent to Revenue.
Have your employees’ details changed? Not a problem – Thesaurus retrieves the latest RPNs for you and identifies any changes needed to employee details, all updated by the click of a button!
This is also the case for new employees, where you can request and create RPNs for new employees within the software.
Made an error in your payroll submission?
Mistakes happen and are bound to crop up now and again – but these can be resolved quickly by simply sending a correction submission. This gets sent directly to Revenue within Thesaurus Payroll Manager and allows you to make adjustments accordingly.
Did you know that if you also sign up to Thesaurus Connect, the optional cloud add-on to Thesaurus payroll software, you can have the added benefits of:
Thesaurus is an award-winning software, being awarded ‘Payroll Software of the Year’ along with winning the COVID Hero Supplier Award in 2020. With over 330,000 businesses across Ireland and the UK using our software and a 98.8% customer satisfaction rate, you know you’re in safe hands. you know you’re in safe hands.
Take the nuisance out of PAYE modernisation and book a demo with us today!
Looking for further information on PAYE Modernisation? Download our free guide that covers how PAYE Modernisation affects your business.