PAYE modernisation came into full effect from January 2019. With this new system, employers are required to report employee pay and deductions to Revenue as their employees are paid.
The aim, ultimately, is to make things simpler. By operating in real-time, Revenue can ensure that the correct tax deduction is being made at the right time for every employee. In turn, employees have online access to payroll information that has been submitted to Revenue by their employer in real-time.
Arguably the most taxing aspect of PAYE modernisation, if you’ll pardon the pun, is that it places substantial responsibilities onto businesses and payroll providers. It's their responsibility to ensure that the correct business processes and practices are in place.
Revenue expects you to get it right, but the change is undoubtedly a significant administrative burden on small employers who process their payroll manually. If you don’t have compliant software, the relevant information must be tracked manually and sent to Revenue through Revenue Online System (ROS).
If that sounds like a headache, it’s because it is. But it doesn’t need to be the case. With the right payroll software in place, the submission of payroll data can be seamless while also introducing many real-time reporting benefits to businesses and employees.
BrightPay has worked closely and will continue to work closely with Revenue to keep our payroll software compliant. BrightPay easily caters for the needs of PAYE Modernisation, removing any heavy lifting on your part.
Change - especially legislative change - comes with its challenges. For businesses that have worked manually (and happily so) for a long time, PAYE modernisation can easily be interpreted as throwing a spanner in the works.
But PAYE modernisation is a chance to make a big leap forward. Revenue integrated payroll software can simplify the payroll process and drastically reduce the administrative cost. Submitting payroll information in real-time eliminates the need for P30s, P35s, P45s, P46s and P60s which further reduces administrative processing.
The benefits are there to be grasped, all you need is the right payroll solution in place. BrightPay won Payroll Software of the Year 2018 and 2019 and enjoys a 99% customer satisfaction rating. There’s no better partner to make the most of PAYE modernisation.
Book a demo today to discover how BrightPay’s award-winning software can improve your payroll reporting processes.