The new changes to the PAYE system came into effect in January 2019. We’ve all been aware its coming but do you know what it’s really about? And are you ready for the change?
Recent media reports highlighted the possibility that some employees may end up with a lower take home pay than usual. Why? Well, with introduction of the new PAYE Modernisation system on January 1st 2019, company payrolls are now reported to Revenue in real time.
Employers will now receive information relating to each employees tax credits directly from Revenue each time they process the payroll. The onus is on employees to ensure the correct tax credits and standard rate cut off point have been allocated to them by Revenue. The easiest way to ensure your employees are not adversely affected is to advise them to sign up to the Revenue myAccount facility on line. Employees will be able to manage their tax affairs quickly and easily.
Revenue are advising employers not to make up any shortfall employees may have in their take home pay. Employees are advised to contact Revenue to ensure that they are in receipt of all tax credits etc. due to them and any monies due back to them will be processed in their next pay cheque.
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