PAYE Modernisation | Are you Ready for Real Time Payroll Submissions?
Do you need to review your business process and practices to be compliant for January 2019? Book a free consultation with our Payroll Expert today before the Autumn rush.
Revenue will make real time reporting of payroll mandatory from the 1st January, 2019. This means that as an employer you will have to calculate and report your employee’s pay and deductions in real time as you are issuing payroll.
You will have to upload an ‘Employer Submission’ to revenue every time an employee is paid. This submission will have to contain information similar to the information on an P35 return.
Purpose of PAYE Modernisation
The purpose of this is make it easier to deduct the correct amount of Income tax, PRSI, USC and LPT and to ensure it is paid at the right time.
If you operate a payroll software or if you only make a single submission to Revenue each year, your business processes will need updating to bring them in line with real time reporting for each pay period.
To help you get your business ready for PAYE Modernisation, here is a checklist of some of the essential steps you’ll need to take.
Checklist for PAYE Modernisation
- Make sure you are registered as an employer
- Verify the PPSN of all your employees
- Ensure all employees registered with Revenue
- Ensure each employee got access to a tax credit certificate
- Make sure the tax credit certificate for each employee is up to date
- Ensure PAYE, PRSI and USC records for each employee are accurate for the end of the tax year
- Ensure each P45 is submitted to Revenue when an employee ceases employment
Payroll Modernisation – Is this the end of the P60?
With the modernisation of the PAYE system, P60’s will be abolished and employees will have real time access to all their tax records, pay slips and contributions on an on-going basis.
The Next Step – Complementary Payroll Review
To help you get your business ready for January 1st 2019, we would like to offer you the opportunity to book a consultation with one of our Payroll experts. The consultation will provide you with guidance and solutions to help reduce the administrative burden associated with real time reporting of payroll.