PAYE Modernisation – Part 1
Everything Changes and Stays the Same
It’s getting to that special time of year again, when everything starts to wind down (or ramp up for those in retail businesses of course), the evenings get darker and darker and the early birds begin putting up twinkling lights much to the chagrin of the late starters. It is also that time of year when thoughts begin to turn inwards and you may be reminiscing about the year 2018 and whether it has been a successful or turbulent year for your business. It is important at this time of year, to take time to focus on the year ahead and make plans for the future. As such, Revenue have released an end of year notice for employers, and we thought this would be the perfect time to take you through the main points. This week we will focus on the first half of the notice, with next week’s post detailing the second half.
2018 Employer Tax Credit Certificates:
Revenue have stated in their brief that they would cease issuing 2018 P2Cs as of November 30th, with the exception only of those employees commencing employment notifying Revenue in December, these will continue to be issued until the end of the year.
PAYE Modernisation:
This will come as no surprise to our regular readers as we have focused quite heavily on this of late, but this long discussed and well overdue change will be introduced on January 1st 2019. The old PAYE system will be changed to a real time system. In advance of this it is imperative that you ensure all employees are registered with Revenue, and that all of your employment and payroll data is correct and up to date. This will ensure a smoother transition into the new system.
It is also advised that if you currently utilise payroll software, to contact your provider to ensure that you are set up for the new system.
Similarly, if you use the services of an accountant for your payroll, it is advised to contact them and ensure that all is in order for the changes ahead.
ROS Digital Certificates:
As we have previously discussed, all Revenue operations will be moving to the online system, it is crucial that you should review your digital certificates and ensure that they have not expired to avoid any delays to your services as these certs must be renewed every 2 years. Ensure that your contact details are up to date so you do not miss any important reminders.
P2Cs:
As discussed above, Revenue will be discontinuing the practise of issuing these, instead you will utilise your payroll software or input Revenue Payroll Notifications (RPNs) onto the ROS system yourself. This system will provide you with all information required to process taxes etc. and will be available from December 5th.
Forms:
As we have discussed previously in relation to PAYE modernisation, forms such as the P45, P46, P30, P35 and P60 are to be abolished in favour of real time reporting.
Further information on how to prepare for the coming year is available on the Revenue website. Should you have any concerns, queries or require further information on these or any other business and financial matters please don’t hesitate to contact us we are always available to help.
– – – – –
~ DCA PARTNERS, DECLAN DOLAN & EAMONN GARVEY
