ARE YOU READY FOR SMART PAYE?
SMART PAYE is coming in January 2019 as part of the PAYE modernisation being undertaken by Revenue.
The objective of PAYE modernisation is to deliver real time information. Revenue, employers and employees will have the most accurate, up to date information relating to pay and statutory payroll. This will ensure that right amounts of Income Tax, PRSI, USC and LPT are:
- deducted at the right time
- deducted from the right employees
- paid by employers in the correct amount of deductions for every employee.
This will improve the accuracy, ease of understanding and transparency of the Pay As You Earn (PAYE) system
What are the benefits?
For an employer:
- Seamless integration into payroll.
- Minimize employer cost to comply.
- Abolition of P30s, P45s, P60s and end of year returns.
- Right tax paid on current due dates.
- Time savings.
For an employee:
- Simplified online services.
- Maximise use of entitlements.
- Automatic end of year review.
- Real time accurate data.
- Statutory in-year return.
- Making compliance easier.
- Accurate up to date income details.
- Reduced customer contacts.
- Timely targeted interventions.
You can check what you need to know and prepare on revenue website: https://www.revenue.ie/en/employing-people/paye-modernisation/getting-ready-for-paye-modernisation.aspx