5 Key Payroll Issues to Consider and Tackle in 2018
2018 will be a busy and complicated year for payroll professionals. There are many upcoming payroll industry changes that businesses and payroll professionals must consider and tackle. To help you avoid payroll issues and to ensure compliance our global award winning payroll specialists have highlighted the Top 5 Payroll Issues of 2018.
1. GDPR and Payroll
The General Data Protection Regulation (GDPR) will come into effect May 25th 2018 replacing the current data protection framework under the EU Data Protection Directive. New rules will come into force that will have a significant impact on businesses and will likely cause payroll issues. Some key changes, that have been well documented, include a territorial extension of jurisdiction, penalty alterations and consent conditions. But what impact will this overhaul have specifically on payroll personnel? And how can businesses prepare for the radical changes? Find out in our previous article: What Impact Will The GDPR Have On Payroll Personnel And How To Prepare.
Get a sense of what you and your business can expect; find the new rights expected to be activated by individuals and the organization types that are expected to receive the most requests in our article here: GDPR Warning.
The extent of the impact and potential payroll issues that Brexit will have on an Irish businesses is not yet known. As a result businesses need to be ready for anything. This has obvious and significant challenges. What is known for sure is that during uncertain times businesses need to be dynamic and, now more than ever, businesses must be vigilant in tuning in to legislation changes. This is further compounded and complicated by the introduction of the GDPR. We have detailed key dates and insights and expectations in our article Brexit and The GDPR – A Complex Time for UK and Irish Payroll.
3. Budget 2018
10th Oct 2017 saw the announcement of Budget 2018 in Ireland. Some budget changes came into effect immediately while others came into effect Jan 1st 2018 and others will come into effect later in 2018. Changes include adjustments to the National Minimum Wage, Standard Rate Cut Off Point (SRCOP) and Benefit In Kind (BIK). Payroll problems will arise if these changes are not tackled. It is imperative that businesses become and stay compliant with legislation advancements. Find Budget 2018 highlights for employers and employees in our article: Budget 2018 Highlights.
Similarly, the UK unveiled their Autumn Budget recently; find out what payroll professionals need to know in our article: UK Budget 2017 for Payroll Professionals.
4. Payroll Data Security
It’s well known that cybercrime is on the rise. Cyber-attack warnings and news features are becoming more and more frequent. This is a significant and growing issue for businesses and their IT and payroll departments.
Payroll data security is essential due to the sensitive nature of the data. Having the appropriate and up-to-date IT systems, policies and procedures in place is imperative to ensure payroll data security and confidentiality while also ensuring continuity of the payroll function. The sensitive nature of payroll data and its significant importance to a business and its employees means that it is crucial that the correct structures are in place. We have a number of useful articles that can help you avoid payroll problems, click through the below for more details:
- 11 Non-Tech Tips To Help Ensure Payroll Security And Confidentiality
- 6 Important Steps To Securing Your Company Wi-Fi
- Payroll, The Cloud And Payroll Security
- Avoid Falling Victim To Email And SMS Scams Purporting To Be From Revenue
- Wannacrypt And Payroll Data Security
5. PAYE Modernisation (Ireland)
Revenue plans to release an updated PAYE system in January 2019, close to 60 years after its original introduction in 1960. This will have significant implications, and will likely cause payroll issues, for businesses and payroll professionals; therefore, PAYE Modernisation must be prepared for in 2018. We have provided useful information and highlighted 8 Payroll management concerns and potential business requirements in our article: Revenue’s Upcoming PAYE Modernisation – Objective, Implications and Concerns.
This article first appeared on our Irish website here: Top 5 Payroll Issues of 2018.
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Here at Paycheck Plus, our global award winning payroll specialists provide expert outsourced payroll services tailored to your specific needs. We provide a complete payroll service that ensures compliance with the most up-to-date legislation and industry changes, safeguarding you from these Top 5 Payroll Issues of 2018 while enabling you to focus more on profits.
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