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.
The new legislation will modernise and update the current Pay As You Earn (PAYE) system allowing for a more accurate reporting system of pay, tax and other deductions. PAYE Modernisation will also keep an up-to-date record of leavers as employers run their payroll.
Payroll software will alleviate the majority of the additional workload as software products will be capable of directly and electronically communicating with Revenue. Employers who use manual systems should allow for additional processing time and expect increased reporting obligations. Those smaller employers who tend to make just one yearly submission (using a P35 Form) to Revenue will be significantly affected. Under PAYE Modernisation, the yearly submission is no longer an option as all employers will have to make their Employer Submission each pay period to Revenue. While Revenue is yet to confirm how they will deal with non-compliance, it is expected that penalties will be issued to employers who fail to comply with PAYE Modernisation.
Thesaurus Software is working directly with Revenue to ensure a smooth transition this coming January. In conjunction with Revenue, we have created a series of free webinars for employers and payroll processors to get ready for PAYE Modernisation. The Thesaurus webinars will outline important steps for new and existing employers to complete in advance of the 1st of January deadline.
The webinar will give you an understanding of the PAYE Modernisation process, the benefits for employees and employers and how to get your payroll systems ready.
The webinar is CPD Accredited for accountants and payroll bureaus.
PAYE Modernisation Change Manager, Revenue Commissioners.
FCA, AITI, Partner BCC Accountants and Council Member of the 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.
How it works: