PAYE Modernisation was introduced in Ireland at the start of 2019 and was arguably one of the biggest changes to happen in payroll. Its introduction was to make sure Revenue, employers and employees have the most accurate, up to date information relating to pay and statutory payroll. This ensures the correct amounts of Income Tax, Pay Related Social Insurance, Universal Social Charge and Local Property Tax are:
- Deducted at the right time
- Deducted from the right employees
- Paid by employers
It has improved accuracy, ease of understanding and transparency of the PAYE system for all stakeholders.
What are the benefits
For an employer:
- Seamless integration into payroll
- Minimise employer cost to comply
- Abolition of P30s, P45s, P60s and end of year returns.
- Right tax paid on current due dates.
- Time savings
For an employee:
- Simplified online services
- Maximise use of entitlements
- Automatic end of year review
- Real time accurate data
- Statutory in-year return
- Making compliance easier
- Accurate up to date income details
- Reduced customer contacts
- Timely targeted interventions
Was it successful?
PAYE modernisation can be considered a success with a number of improvements affecting both employers and employees including:
- Improvements and streamlining of business processes making it easier to deduct and pay the correct amount at the right time
- Reduction of the administrative burden previously experienced by employers in meeting their PAYE reporting obligations
- Reduction in errors
- Access to real time information for employers and employees
- Employee have more control over their tax affairs
Although it was a daunting notion this time last year, the preparation and time spent on making the change over as seamless as possible really has paid off.
Paycheck Plus, Your Payroll Outsourcing Partner
Managing payroll is a complex and time-consuming operation. Keeping up to date with ever evolving legislative changes, ensuring payroll compliance and delivering employee wages accurately and on time takes its toll on a business’ senior resources. Here at Paycheck Plus, we’ve been providing comprehensive payroll services tailored specifically to each of our client’s needs for over a decade. Our payroll specialists handle all aspects of payroll management for our clients including answering our client’s employee queries through our Employee Assist Helpline.
To ensure payroll accuracy or for more information on our payroll services simply request a callback now or call our office on 041-9892100. Alternatively, request a quote here.
Paycheck Plus | Your Payroll. Our Passion.