Nov 2018
22
PAYE Modernisation for Employees
PAYE Modernisation is coming on January 1st 2019. Ultimately, this means that employers will be obliged to report their employees’ pay and deductions to Revenue when or before they pay them.
There are many benefits for you, as an employee:
- The availability of real-time data that is accurate and accessible through Revenue’s online systems
- The ability to maximise the use of your entitlements
- The ability to access clear information about the deductions being reported to Revenue on your behalf
Will PAYE Modernisation affect your pay?
No, there will be no change to how your employer pays you and they will still provide you with a payslip.
However, your employer will now need to connect to ROS before calculating your pay and deductions to ensure they are using your most up-to-date tax credits and cut off points. They will also have to report these deductions to Revenue every time you are paid. You will be able to view pay and deductions on myAccount on the Revenue website.
You will receive your last P60 at the end of 2018. After that, you will no longer receive a P60, as Revenue will issue you with an End of Year Statement.
Thesaurus Payroll Manager | BrightPay Ireland
Related Articles:
- PAYE Modernisation for Payroll Bureaus- The ins and outs of increasing fees without losing clients
- Which is really better - the existing PAYE system or PAYE Modernisation?
- The Death of PAYE ‘P Forms’
