The introduction of PAYE Modernisation will affect all employers from 1st January 2019. Employers will no longer be able to submit their payroll information to Revenue on a yearly basis. Instead, employers will need to calculate and report their employees’ pay and deductions each pay period.
A significant number of small employers are still processing their payroll using a manual or spreadsheet system. To date, this has been an adequate way to send your payroll information through to Revenue. However, with PAYE Modernisation, manually completing your payroll will be time consuming and open to human error. Many business owners believe that a manual payroll system is a relatively easy way to manage their payroll and can seem like the most cost-effective option. However, a manual system does not have built-in processes to catch mistakes or notify you of payroll changes. Additionally, manual records are very difficult to maintain, store securely under GDPR and are subject to greater human error.
Thesaurus Software recently hosted a free webinar where we discussed how PAYE Modernisation will affect the payroll process and what’s expected from you going forward. We also looked at the advantages and disadvantages of manually processing your payroll for PAYE Modernisation.
Don't miss out - You can watch it here at any time:
This webinar took place on 22nd November 2018.