This is the most significant reform of the PAYE system since its introduction and it becomes effective on 1 January 2019.
Our commentary enclosed in the attached link summarises the impact of PAYE Modernisation.
A couple of key points to take particular note of are as follows:
- Any payroll payment made after 1 January 2019 must be treated as 2019 payroll and a Revenue submission must be made on or before the pay date.
- All Benefit in Kind changes, shares issued etc must be reported in real time.
- All employees must register for MyAccount.
- Payroll information should be checked for accuracy before submitting to Revenue. Changes to submissions already made are not recommended.
- Check your payroll staff access rights on ROS to ensure appropriate levels of confidentially of payroll information.
We can assist organisations with the transition to Real Time Reporting (RTR). If you have any queries please do not hesitate to contact us.