Apr 2013
13
An employee may opt with Revenue for their LPT liability to be collected by deduction from their salary/wages.
Revenue will communicate to you how much you should deduct from employees in the P2C file (details of tax credits and cut off points) which will be sent to your ROS inbox in June 2013. The LPT field is a new field within the P2C file and Thesaurus Payroll will detect it automatically once imported into the software. Paper tax credit certificates will also contain this new LPT field and Thesaurus Payroll will have a new field for inputting the LPT amount manually.
LPT deductions commence for pay dates from 1st July 2013 and, in accordance with Revenue guidelines, Thesaurus Payroll will deduct the LPT amount evenly over the remainder of the 2013 year. Where, in any pay period, there is insufficient pay to enable deduction of LPT, the balance remaining will be spread evenly over the remaining pay periods.
The LPT deduction, the amount deducted to date and the balance of LPT still to be deducted will be shown on payslips.
The amount you pay to the Collector General by way of a P30 (monthly or quarterly) will include the LPT amount that you have collected. P45s and P60s will also include a new LPT field.
We will be releasing an upgrade in June to handle all of the above.
As with all other statutory deductions, you will be obliged to deduct LPT in accordance with the P2C instruction from Revenue. If an employee has an issue, they must contact Revenue directly. You, as employer, have no discretion in the matter! Revenue can pursue you as employer for any amounts you fail to deduct, charge interest on late payment and fine you for non-compliance.
Bright Contracts – Employment contracts and handbooks.
BrightPay – Payroll Software
Mar 2013
19
No doubt you will have heard the adverts for SEPA which comes into being next year. SEPA basically enables electronic payments to be made within the Single Euro Payments Area for the same price as a local payment. It means that any of your employees who have non Irish bank accounts within the SEPA area can ask that their wages be paid to that account.
There are one or two things you should know about how Thesaurus Payroll Manager will handle SEPA. Although BICs and IBANs are required for the SEPA electronic file, you will not have to input these as Thesaurus Payroll will be able to convert existing branch codes and account numbers. Therefore you can continue to use local branch codes and account numbers unless the employee has a non Irish bank account.
There are slightly different SEPA file formats depending on your bank. The software will automatically know (from your own branch code) which bank you are paying from and prepare the appropriate file for that bank.
We expect to have SEPA functionality included in our mid year (LPT) upgrade.
Jan 2013
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