PAYE as you know it is changing - in just a few short months Revenue are revamping and modernising the existing PAYE system. This is called PAYE Modernisation. This new PAYE system will be very different. Instead of a monthly or quarterly P30, a submission containing pay information will need to be made to Revenue each time an employee is paid. This is known as a Payroll Submission Request, or a PSR.
By sending this information to Revenue in real time, it will enable employers to pay the correct amounts of deductions for every employee, also eliminating the need to submit a P35 at the end of the tax year. Overall, this will improve the accuracy, ease of understanding and transparency of the PAYE system for all stakeholders, including employers, employees and Revenue.
While PAYE Modernisation will bring many benefits, some employers are finding it difficult to fully understand the new system; When will payments need to be made to Revenue? Can corrections be made after the submission has been sent? What will happen when broadband is not available or very poor and weekly submissions have to be made?
Every employer has concerns that they are unsure about. Thesaurus Software - the creators of BrightPay - are giving you the chance to join the experts to ask them any queries you may have with free online PAYE Modernisation webinars.
Thesaurus Software has the expertise and understanding regarding PAYE Modernisation. We have already experienced the implementation of a similar real time reporting system in the UK, known as RTI. Thesaurus Software’s Managing Director, Paul Byrne, is a key stakeholder working with Revenue towards the design of this new PAYE system for Ireland.
For the webinars, Paul Byrne will be joined by guest speakers Sinead Sweeney, who is the PAYE Modernisation Change Manager for the Revenue Commissioners, and Sandra Clarke, Partner at BCC Accountants and a Council Member of the Irish Tax Institute.
Click here to register and find out more about our upcoming PAYE Modernisation webinars.