PAYE Modernisation is a new initiative being launched by the Revenue Commissioners and is expected to be phased in by the end of 2018 and be fully operational by January 2019.
The main change affecting employers is the real-time reporting to Revenue when weekly or monthly payrolls are run. This will eliminate the need to file P30, P45, P46, P60 and P35 returns as information will be returned to Revenue instantaneously.
Click on the image below to view a webinar that the FSSU has prepared which will provide you with an overview of PAYE Modernisation. (Please note: You may be asked to ‘run’ a webex application to play this webinar – please click on run if prompted).
PAYE Modernisation will result in the following benefits for both employers and employees:
- Employers will make the right tax deduction when the employee is being paid
- Employees will have the certainty of knowing that they are not overpaying or underpaying tax
- Revenue will have the most up to date information possible to determine that each employee is subject to the tax deduction that is appropriate
- Abolition of P30, P45, P46, P60 and P35 End of Year Returns
- Reducing administrative cost for employers as new process will be fully integrated into the payroll run
The Revenue have reassured us that they will be implementing PAYE Modernisation in a way that will best accommodate all stakeholders. Revenue will be committing considerable resources to supporting a smooth implementation.
If you need any further information please email email@example.com or phone (01) 9104020.