Employing staff

Q: I employ 2 staff who I will be paying at the end of January, what do I need to know about the new tax rules that come into force this month?

2nd February 2015

A: You will need to ensure you have up to date tax credit certificates from Revenue for all staff. Budget 2015 announced changes to the Universal Social Charge rates, the higher rate of tax decreased to 40% from 41% and also the point at which you pay the higher rate of tax has increased. For low to middle income earners this means additional money in their pay packets for January.

The updated tax credits will be available from Revenue, over the phone or online. Ask your accountants to download the relevant information from Revenue Online Service (ROS).

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.

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Call us today to make an appointment at your local office

1890 98 76 09

Or submit an enquiry