PAYE Modernisation | Real Time Reporting

The Advantages of PAYE Modernisation

The introduction of PAYE Modernisation improves the accuracy and transparency of the PAYE system between employers, employees and Revenue. This real time reporting process also means that the correct tax is deducted when an employee is paid, reducing the occurrence of an employee overpaying or underpaying tax.

Payroll software that is fully integrated with Revenue for PAYE Modernisation allows employers to simplify the payroll process and significantly reduce the administrative cost. Submitting payroll information in real time removes the need for employers to create P30, P35, P45, P46 and P60 forms which further reduces administrative processing.

The Disadvantages of PAYE Modernisation

There is a significant administrative burden placed on small employers who process their payroll manually. Revenue have stated that they are committed to providing a workable solution for smaller employers who may not use payroll software and employers who have difficulty accessing a broadband connection. However, Revenue advise that these employers utilise payroll software that caters for and simplifies the PAYE Modernisation process.

Fortunately, there are cost effective solutions, such as BrightPay that offer easy to use payroll packages with unlimited employees, free support and full PAYE Modernisation functionality. By using payroll software, employers will save time by streamlining their payroll processing and real time reporting. Continuing with a manual process could lead to errors and increase the risk of non-compliance. It would also be very time consuming to continue with a manual process. Click here to calculate savings with BrightPay.