A. Revenue is introducing a new PAYE regime for employers from 1 January 2019. It will affect all employers whether you have 1 employee or 100!
From this date, employers will have to report payroll information to Revenue in “real-time” i.e. each time they pay their employees. These reports will have to be filed using Revenue compliant payroll software and means, for example, that those paying their employees weekly will have to file weekly reports with Revenue using this software.
While the new regime does not come in to effect until next January there are some steps you can take now which should simplify the eventual changeover in 2019:
- Make sure you are registered as an employer with Revenue if necessary
- Confirm that you have the correct PPS number for all your employees
- Make sure all your employees are registered with you
- Complete Form P45 for all employees who have left their employment with you
- Start talking to your accountant about the move to Real Time Reporting
At TaxAssist Accountants, we can assist you with any preparation that needs to be undertaken prior to the introduction of Real Time Reporting including reviewing your current payroll system and its likely compatibility with the new regime.
We also provide outsourced payroll services to thousands of clients across the country so why not arrange a free initial consultation today to see what we can do for you.
Disclaimer: Advice shared in this blog is intended to inform rather than advise. Taxpayer's circumstances do vary and if you feel that the information provided is beneficial it is important that you contact us before implementation. If you take, or do not take action as a result of reading this forum, before receiving our written endorsement, we will accept no responsibility for any financial loss incurred.