Feb 2020
25
Goodbye P60s, hello the future of PAYE!
As we all know, the Revenue Commissioners has spent the past two years preparing what has been hailed the most substantial reform of the Pay As You Earn (PAYE) system since its introduction way back when in 1960. This process has been coined ‘PAYE Modernisation’ and is exactly what it says on the tin as it is has allowed Ireland's PAYE system to adapt to modern working patterns and modern problems.
This has meant that since January 1st 2019, employers have been reporting employees’ pay and statutory deductions to Revenue in real-time, aka every time they have been paid. But where are we now? How is PAYE Modernisation doing?
PAYE Modernisation so far has been a success with a reported uptake of 90% of all employees whose payroll information has been submitted to Revenue. No, that wasn’t a typo - that’s 90%!!
This massive success has meant that PAYE Modernisation is working exactly how it was supposed to and has enabled Revenue to provide extended online services to taxpayers. It also means that a lot of the paperwork associated with income tax is no more. Yes, that’s right, P45s and P60s are now a thing of the past! Now that deductions and tax information are reported in real-time there's simply no need for them. Instead of P60s, employees are instead issued with an Employment Detail Summary which contains your income and deduction details for the year, as reported to Revenue by your employer.
So this next bit is for the remaining 10%, those of you out there who are clinging onto the old ways. Maybe you're even *gulp* manually processing your payroll *shudders*. There is no need to put yourself through processing payroll for your employees manually, especially when there is such an amazing product knocking about like Thesaurus Payroll Manager.
By using Thesaurus Payroll Manager, you will save so much time by streamlining your payroll processing and real-time reporting. If you’re still using a manual system then this software will be a complete game-changer. It is even integrated with Revenue’s API which allows the software and Revenue to talk to each other so that users can seamlessly submit Payroll Submission Requests in seconds.
With the threat of fines for non-compliance would you risk it for a biscuit? Have a slice of cake instead and download Thesaurus Payroll Manager today - you might even get to eat it too.
