Real time reporting to become part of payroll processing
In less than a year the current PAYE system is going to change remarkably with the introduction of real time reporting known as PAYE Modernisation. The current payroll system hasn’t been modified since it was first introduced in the 60’s.
The main objective of PAYE Modernisation is to enable clear communication between Revenue and those who are processing payroll. This change will affect most, if not all businesses across Ireland.
Some of the common questions people have asked about PAYE Modernisation are:
- What do I have to do differently for PAYE Modernisation?
PAYE Modernisation will mean that people processing payroll will now how to submit a file to Revenue every pay period as opposed to the current annual ‘P’ forms. Payroll Software will make this a hassle free process, ensuring employers can easily comply with PAYE Modernisation.
- Will PAYE Modernisation be complicated?
PAYE Modernisation will likely cause a significant burden to employers, particularly small employers that do not currently utilise payroll software. BrightPay and Thesaurus Software will be fully equipped to make PAYE Modernisation a seamless process for payroll processors. Our developers have already implemented a similar real time reporting process for our UK payroll software.
- What will PAYE Modernisation cost my business?
As reports will need to be submitted to Revenue every pay period a lot of businesses will be relying on payroll software to do this for them. If you do not have payroll software in place, now is the time to think about purchasing. Luckily, low cost payroll software, like BrightPay and Thesaurus payroll will seamlessly handle PAYE Modernisation.
- Will PAYE Modernisation take up a lot of my time?
For companies still processing payroll manually, PAYE Modernisation will likely impose a significant time burden. For employers utilising payroll software like BrightPay and Thesaurus Software, administrative tasks will be significantly simplified. PAYE Modernisation reports required by Revenue can be sent easily from within the software. Also, the introduction of PAYE Modernisation has meant the elimination of the time consuming annual ‘P’ forms.
Free PAYE Modernisation Webinars
If there is something you’re still unsure of relating to PAYE Modernisation, we have teamed up with Revenue to bring you free online training webinars. These webinars are designed for employers and payroll bureaus to discuss what PAYE Modernisation will mean for your business and to help you prepare for the transition to the new system. You can sign up to our newsletter to get an invitation to our next PAYE Modernisation webinar.
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