There are less than two months to go before PAYE Modernisation comes into law. Revenue is introducing a new PAYE regime for employers and you will need to be ready by the 1st of January 2019. The updated PAYE system will revolutionise the way employers and accountants process payroll going forward. From the very beginning of the year, employers must be prepared to start reporting their payroll information to Revenue in real-time.
With just over one month to go employers and payroll processors will need to be prepared for the role out of PAYE Modernisation by the 1st of January 2019. PAYE Modernisation means that employers must now operate and process their payroll in ‘real time’. The real-time information must be submitted to Revenue each time an employee is paid. P30s, P35s and P45s will be abolished with employers submitting this information to Revenue electronically in the Employer Submission every pay cycle.