Apr 2018

19

Real time reporting to become part of payroll processing

In less than a year the current PAYE system is going to change remarkably with the introduction of real time reporting known as PAYE Modernisation. The current payroll system hasn’t been modified since it was first introduced in the 60’s.

The main objective of PAYE Modernisation is to enable clear communication between Revenue and those who are processing payroll. This change will affect most, if not all businesses across Ireland.

 

Some of the common questions people have asked about PAYE Modernisation are:

 

What do I have to do differently for PAYE Modernisation?

PAYE Modernisation will mean that people processing payroll will now how to submit a file to Revenue every pay period as opposed to the current annual ‘P’ forms. Payroll Software will make this a hassle free process, ensuring employers can easily comply with PAYE Modernisation.

 

Will PAYE Modernisation be complicated?

PAYE Modernisation will likely cause a significant burden to employers, particularly small employers that do not currently utilise payroll software. BrightPay and Thesaurus Software will be fully equipped to make PAYE Modernisation a seamless process for payroll processors. Our developers have already implemented a similar real time reporting process for our UK payroll software.

 

What will PAYE Modernisation cost my business?

As reports will need to be submitted to Revenue every pay period a lot of businesses will be relying on payroll software to do this for them. If you do not have payroll software in place, now is the time to think about purchasing. Luckily, low cost payroll software, like BrightPay and Thesaurus payroll will seamlessly handle PAYE Modernisation.


Will PAYE Modernisation take up a lot of my time?

For companies still processing payroll manually, PAYE Modernisation will likely impose a significant time burden. For employers utilising payroll software like BrightPay and Thesaurus Software, administrative tasks will be significantly simplified. PAYE Modernisation reports required by Revenue can be sent easily from within the software. Also, the introduction of PAYE Modernisation has meant the elimination of the time consuming annual ‘P’ forms.

 


Free PAYE Modernisation Webinars

If there is something you’re still unsure of relating to PAYE Modernisation, we have teamed up with Revenue to bring you free online training webinars. These webinars are designed for employers and payroll bureaus to discuss what PAYE Modernisation will mean for your business and to help you prepare for the transition to the new system. You can sign up to our newsletter to get an invitation to our next PAYE Modernisation webinar.

 

Thesaurus & BrightPay Newsletter - Are you missing out?

GDPR is changing how we communicate with you. After May 2018, we will not be able to email you about webinar events, special offers, legislation changes, other group products and payroll related news without you subscribing to our newsletter. You will be able to unsubscribe at anytime. Don’t miss out - sign up to our newsletter today!


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Posted byCailin ReillyinPAYEPAYE ModernisationPayrollPayroll Software


Apr 2018

5

PAYE Modernisation - An Introduction

From January 2019 businesses across Ireland will be required to start complying with PAYE Modernisation.  Employers will be required to submit records electronically to Revenue each time a payroll is run (whether it’s weekly, monthly or quarterly), instead of annually.  Revenue have reported that PAYE Modernisation will serve a number of purposes and ultimately benefit all employers.

 

Some of the key benefits employers include -

  1. Seamless integration into payroll.
  2. Minimize employer cost to comply.
  3. Abolition of P30s, P45s, P60s and end of year returns.
  4. Right tax paid on current due dates.
  5. Time saving.

 

It is vital that employers are prepared in order to ensure that the transition in January 2019 is as smooth as possible and to avoid any potential penalties from Revenue.

 

Our payroll software will help ensure you are fully prepared to make your first submission in January 2019. To get an overview of how PAYE Modernisation will look like on your payroll, book an online demo today.

 

Free PAYE Modernisation Webinar

PAYE Modernisation is a new system that is being introduced where all employers must comply and implement the new PAYE changes. From the 1st January 2019, your payroll will need to be processed in real time, where employers will calculate and report their employee's pay and deductions as they are being paid. This PAYE reform aims to make it easier for employers to pay the correct amount of income tax, PRSI, USC and local property tax and send these figures directly through to Revenue.

  • PAYE Modernisation - Understand how your payroll processing will change
  • Guest Speaker: Sandra Clarke (BCC Accountants)
  • Guest Speaker: Sinead Sweeney (Revenue)

   Register Here

 

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Posted byCailin ReillyinPAYE ModernisationPayroll


Mar 2018

12

The ins and outs of PAYE Modernisation

The objective of PAYE modernisation is to deliver Real Time Information (RTI) so that Revenue, employers and employees have up-to-date information relating to tax deductions and pay. This will improve the transparency and understanding of the PAYE system for all stakeholders. For example, this will ensure that the right tax deduction is made at the right time from the right employees and that employers pay over the correct tax deduction and contribution for every employee.

SMART PAYE sets out the key design principles of the project. The project will meet its objectives while also ensuring the benefits to all stakeholders by working to these principles.

What are the benefits?


For Revenue:

  • Statutory in-year returns
  • Making compliance easier
  • Accurate up-to-date income details
  • Reduced customer contacts
  • Timely targeted interventions

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


Related Articles:

 

Thesaurus Payroll Manager | BrightPay Payroll Software

 

Posted byHolly McHughinPAYE Modernisation


Feb 2018

22

Getting Ready for PAYE Modernisation

January 2019 will see the introduction of PAYE Modernisation - the most significant reform of the Irish PAYE system since its introduction in 1960. This new system will mean that employees’ pay and deductions will need to be reported to Revenue in real time.

PAYE Modernisation will be operational for all employee payments being made from 1st January 2019 and will make it easier for Revenue, employers and employees to ensure that the right tax is deducted and paid at the right time.

As a result, employers and payroll bureaus will need to review their current business processes and practices in order for the new requirements to be met.

Free PAYE Modernisation Webinars

To help with the rollout of PAYE Modernisation, BrightPay by Thesaurus Software have teamed up with Revenue to bring you free online training webinars. These webinars are designed for employers and payroll bureaus to discuss what PAYE Modernisation will mean for your business and to help you prepare for the transition to the new system.

Our next PAYE Modernisation webinars take place in March and are free to attend. Guest speakers include Sinead Sweeney (Revenue) and Sandra Clarke (Irish Tax Institute).

If you are unable to attend the webinar at the specified time, simply register and we will send you the recording afterwards.


Sign up to BrightPay’s newsletter

GDPR is changing how we communicate with you. After May 2018, we will not be able to email you about webinar events, special offers, legislation changes, other group products and payroll related news without you subscribing to our newsletter. You will be able to unsubscribe at anytime. Don’t miss out - sign up to our newsletter today!

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Thesaurus Payroll Software | BrightPay Payroll Software

Posted byRachel HynesinEventsPAYE Modernisation


Feb 2018

5

PAYE Modernisation - Why it’s the SMART choice.

The current PAYE system is changing. The new system will be known as ‘PAYE Modernisation’. This change will be the biggest to hit PAYE since it was introduced almost 60 years ago. PAYE Modernisation will affect every business across the country. Instead of submitting an annual P35, employers will now have to calculate and report their employee’s pay and deductions as they are being paid.

PAYE Modernisation will no doubt be a huge change for employers but ultimately, employers will see a benefit from the change. Here are some of the key benefits employers can expect to see from PAYE Modernisation

 

  • Seamless integration into payroll.
  • Minimize employer cost to comply.
  • Abolition of P30s, P45s, P60s and end of year returns.
  • Right tax paid on current due dates.
  • Time savings.

 

We already have the relevant experience to ensure that PAYE Modernisation will be a seamless process for employers. In our BrightPay UK payroll software, we implemented what’s called RTI or Real Time Information which is a similar concept to PAYE Modernisation. Book a demo today to see what PAYE Modernisation will look like on your payroll software.

 

 

Related articles:

PAYE Modernisation - Are you ready?
Revenue moves to PAYE Modernisation/ Real Time Reporting
New Automatic Enrolment pension system to be in place by 2021
The objective of PAYE Modernisation

 

 

Thesaurus Payroll Software | BrightPay Payroll Software

 

Posted byCailin ReillyinPAYEPAYE Modernisation


Jan 2018

22

How will PAYE Modernisation affect your payroll bureau? Only 10 Places Left!!!

Revenue are joining Thesaurus Software for a series of free, CPD accredited webinars detailing what you need to know about PAYE Modernisation.

 

How will PAYE Modernisation affect your payroll bureau?

There are just 10 places left for our next webinar which takes place this Thursday! With almost 1,000 accountants and payroll bureaus already registered, this is your last chance to register. 

Agenda

  • An introduction to PAYE Modernisation including recent changes
  • What direct effect will this have on employers?
  • What direct effect will this have on employees?
  • What are the possible downsides for employers?
  • Revenue’s delivery schedule 
  • The role out of PAYE Modernisation in the UK
  • Processing manually or using payroll software?
  • The letter of engagement
  • How will PAYE Modernisation affect your payroll service
  • Communicating these changes to your clients. 

Don’t miss out - book your place now!!

 

Payroll Bureaus: Getting Ready for PAYE Modernisation
The next webinar in the series takes place in March where there will be a key focus on what payroll bureaus need to do to prepare for PAYE Modernisation.

Find out more | Register now

 

Subscribe to our Newsletter
We have lots more webinars scheduled over the coming months. Don’t miss out - make sure to sign up to our newsletter today! You will have the option to unsubscribe at any time.

 

Thesaurus Payroll Manager | BrightPay Payroll Software

 

Related Articles: 

Posted byRachel HynesinPAYE ModernisationPayroll Software


Jan 2018

8

GDPR unravelled! Find out what you need to know to comply

Get ready as more legislation hit Irish and European businesses. The objective of the recent EU General Data Protection Regulation (GDPR) is to bring data protection standards up-to-date and to ensure that individuals in the EU are appropriately protected from privacy and data breaches. It comes into effect on 25th May 2018, however this date is a deadline as opposed to a starting point.

 

Business owners who start looking at GDPR on or after the 25th May will be at serious risk of non-compliance. You will need to act now to understand and prepare for GDPR well in advance of the May deadline. Over the next few months, it would be advisable to set aside some time to focus on being fully compliant by the 25th May 2018.

 

BrightPay is committed to helping our customers and others understand the impact of GDPR. We have designed free webinars for accountants and employers to take you through the key steps to be GDPR compliant.

 

Register now for our free webinars which take place over the coming months.

 

Agenda

  • What is GDPR and why is it being implemented?
  • Why employers need to take it seriously
  • How it will impact payroll bureaus
  • How to prepare for GDPR
  • How we are working to help you

 

Employer Webinar: 30th January - Register here
Bureau Webinar (CPD Accredited): 8th March - Register here


Other Free Events


How will PAYE Modernisation affect your business?
The existing PAYE (Pay As You Earn) system was introduced nearly sixty years ago ensuring that correct deductions are made relating to pay and tax. From 1st January 2019, this system for PAYE will undergo a long overdue update called PAYE Modernisation. Under the new legislation, whenever Irish employers pay their employees, a file must be electronically submitted to Revenue containing details of these payments.

 

  • How will PAYE Modernisation affect your business?
  • Guest Speaker: Sandra Clarke (BCC Accountants)
  • Guest Speaker: Sinead Sweeney (Revenue)


Employer Webinar: 24th January - Register here
Bureau Webinar (CPD Accredited): 25th January - Register here

 

Thesaurus Payroll Manager | BrightPay Payroll Software.

Posted byKaren BennettinGDPRPAYE Modernisation


Jan 2018

4

PAYE Modernisation is coming… are you ready?

The Irish PAYE system is currently undergoing a massive overhaul, with new changes being implemented from 1st January 2019. This is called PAYE Modernisation. The existing system was introduced nearly 60 years ago and so this update is long overdue.

With PAYE Modernisation, employers, or bureaus on their behalf, will need to submit an electronic file to Revenue each time an employee has been paid. This real time reporting will enable Revenue to ensure that employees are receiving their correct tax credits and cut off points at all times.

Fortunately for employers and payroll bureaus, this real-time reporting will replace most of the “P” forms (P30, P35, P45, P46 and P60) enabling them to reduce their workload. Most payroll systems will automate many of the new processes, whereby electronic files will be automatically created and sent to Revenue at the click of a button.

 

How will PAYE Modernisation affect your payroll bureau?

Revenue is joining Thesaurus Software for a series of free, CPD accredited webinars. The webinars are customised to both employers and payroll bureaus for them to find out how they will be affected by PAYE Modernisation.

Our previous PAYE Modernisation webinars were highly sought after with over 2,000 employers and payroll bureaus in attendance. Places are limited - make sure to book your place now to avoid disappointment.

If you are unable to attend the webinars at the specified time, simply register and we will send you the recording afterwards.

 

Subscribe to our Newsletter

We have lots more webinars scheduled over the coming months. Don’t miss out - make sure to sign up to our newsletter today! You will have the option to unsubscribe at any time.

 

 

Thesaurus Payroll Manager | BrightPay Payroll Software

 

Posted byRachel HynesinPAYE Modernisation


Nov 2017

14

PAYE Modernisation – What do these changes mean for you?

The existing PAYE (Pay As You Earn) system was introduced nearly sixty years ago ensuring that correct deductions are made relating to pay and tax.

From 1st January 2019, this system for PAYE will undergo a long overdue update, but don’t worry, this update will benefit all involved – including employers and employees.

 

Employers –

PAYE Modernisation will change how employers report their payroll information to Revenue. Every time an employee is paid a file will need to be submitted (electronically) to Revenue, consisting of all details of employee payments, deductions and leaver information. The contents will be similar to the current annual P35, but this file will be submitted every pay period (weekly, monthly, fortnightly, etc.).

The update will also allow employers to submit a new employee’s information before they commence employment with them. PAYE Modernisation / Real Time Reporting (RTR) will result in a reduction in the occurrence of year end over/underpayments of tax.

This new Revenue reporting system is anticipated to be fully integrated into payroll software. Fortunately, it is envisaged that the workload will not increase as a result of PAYE Modernisation.



Employees –

An online statement will be sent before the start of the new tax year which will detail the employee’s tax credits and standard cut-off point (SRCOP). This will be based on estimated income and details available to Revenue.

Employees will be encouraged to make any adjustments to this online statement, including any claims for additional entitlements. This differs from the current system where an employee is required to wait until the end of the tax year to apply for any refund as a result of overpayment of taxes or to find out if there are amounts due to Revenue as a result of underpayment of taxes.

P60s will be abolished, employees will instead have access to their pay and tax record online, this will be updated on an ongoing basis throughout the year as they are paid. This will enable Revenue to carry out periodic reviews to identify if employees are utilising their tax credits and SRCOP to the maximum effect (e.g. where an employee has 2 employments) and, where applicable, employees will be prompted to reallocate tax credits and SRCOP.

 

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Thesaurus Payroll Software | BrightPay Payroll Software

Posted byLorraine McEvoyinPAYE ModernisationPayrollPayroll Software


Nov 2017

10

2018 and Beyond

With GDPR kicking in next May and PAYE Modernisation going live in January 2019, accountants and other bureau payroll providers will have a lot to contend with.

PAYE Modernisation will involve major process changes for many of your clients (just to ensure that a file is submitted to Revenue on or before the payroll date). Ensuring that payrolls are processed using the most up to date tax credits and cut off point information is also an essential part of the new system.

Because Illness Benefit becomes taxable through the P2C file from January 2018, ensuring that you use the most recent P2Cs will become a must before each and every pay run from as soon as January 2018.

We have been busy making updates to Thesaurus Payroll Manager 2018 to better prepare you for all of the above changes. Here is a quick outline of the software changes that we have made for 2018. These changes are in addition to those which cater for Budget 2018.

 

GDPR

Password retrieval is now an automated process which will require a recovery email address for each payroll client.

We have added a bit more file encryption so that you will be better protected if your system is compromised, your laptop is stolen or a memory stick goes missing.

You may be aware that our recent year end upgrade includes a feature whereby backup files can be securely sent to our support staff, should it be required to help with a support query.

Optionally, our cloud add on, Thesaurus Connect, will enable you to backup securely to a secure European Azure server and restore securely from that server to your payroll. Thesaurus Connect will also provide you with the added benefit of giving your clients and their employees direct access to their personal data, ensuring transparency and assisting with Data Subject Requests.

 

PAYE Modernisation and Illness Benefit Changes

Thesaurus Payroll Manager 2018 gives much more priority to the P2C download process, also keeping a log of all imports and reminding you when P2Cs have not been imported.

To prepare you for the new reality, where payrolls will be required to be processed in real time, we have included a “Late Payrolls” button to help identify those payrolls that are falling behind. This will be particularly useful where you have hundreds of payroll clients.

Knowing that your own processes will probably need to be more streamlined with real time submissions, we have added (and will continue to add) automated client emailing from within the software. Our initial 2018 release will include this for the payroll preview report. It will also include emailing of a single pdf document containing all payslips, the emailing of the P30 and emailing of the payroll summary report. It should be noted that these emails are transmitted securely through our Thesaurus servers and do not require third party software. This is the same system that our payslip emailing currently uses.

Towards the latter half of 2018, Revenue will ask you to submit a list of employees for each employer through ROS. The ability to prepare this file is in our initial 2018 release. The file is required by Revenue for data alignment. Their aim is to have knowledge of the correct employment details for as many employees as possible when PAYE Modernisation goes live.

At Thesaurus Software we plan to help you with PAYE Modernisation as much as we can. We have already been through these changes in the UK and can use this experience to help address issues before they arise.

We will bring you further updates throughout 2018, in many cases via free webinars (which will also help with your structured CPD requirements). Register for our next free webinars here.

We will begin testing the new real time systems with Revenue from April 2018 and we’ll keep you appraised of our progress.

Finally, we have included a few more importers should any of your clients (or colleagues) choose to move from other payroll software.

 

 

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Posted byPaul ByrneinNew FeaturesPAYE ModernisationPayroll