Revenue is introducing a new PAYE regime for employers from 1 January 2019. From this date, employers will have to report payroll information to Revenue in “real-time” i.e. each time they pay their employees. This is the most significant reform of the PAYE system since its introduction in 1960.
What will it involve?
PAYE Modernisation will involve submission to Revenue each time an employee is paid. This information will contain information similar to that which currently appears on an employer’s P35 return.
Will it create additional work?
The reporting for employers, especially those availing of the direct debit payment option will increase. Currently, these employers may be making one submission to Revenue each year (i.e. an annual P35 return), however, under PAYE Modernisation, these employers will have to make a submission for each pay period.
What approach will Revenue take regarding the application of penalties for non-compliance?
Non-compliant employers can expect Revenue Intervention.
What do you need to do?
The business has a limited amount of time to prepare for these changes. With our experience, we are available to help your organisation prepare for this change to ensure you are compliant with the new regulations.
We will be working with clients to help them prepare for this significant change and will keep them informed as the project progresses. If you would like to discuss this matter in more detail please feel free to contact us today!