PAYE Modernisation is now fully operational and has brought many changes to the payroll process. Overall, it brings many benefits to all stakeholders involved - employers, employees and Revenue.
It is important that employers are aware of and understand their new real time reporting obligations. Revenue has strongly advised employers to review their payroll processes and systems to ensure that they meet the new PAYE Modernisation requirements.
Employers need to be aware that mistakes can be very costly. An employer is responsible for deducting the tax and paying over the liability to Revenue, and so non-compliance will result in interest to be paid by the employer. Employers who fail to comply can expect Revenue intervention with non-compliance penalties and fines.
The current penalty regime includes a fixed penalty of €4,000 for each breach of the PAYE legislation. It also includes a fixed penalty of €3,000 imposed on the company secretary for each breach. These penalties can be imposed on a per-item basis, so if you are even a mid-sized employer, these penalties can build up.
Download our free eBook for employers - Surviving PAYE Modernisation. In this guide, we discuss the key changes with PAYE Modernisation and what employers need to do to avoid non-compliance penalties from Revenue.
Interested in finding out more about PAYE Modernisation? Thesaurus Software and Revenue have teamed up for a new series of free PAYE Modernisation webinars. During the webinars, we will look at what has happened since PAYE Modernisation has gone live and what challenges businesses are facing.
Click here to book your place on one of our upcoming webinars.