The Irish Payroll Landscape to change forever
Real Time Information (RTI) was the most significant change ever made to PAYE. The change welcomed a new and improved way of reporting PAYE information, in real time directly to HMRC. The biggest hurdle was of course, that the payroll submission had to be made to HMRC every time an employer paid an employee, be that monthly or weekly.
This change was introduced in April 2013 which was 5 years ago this year. The confusion and mayhem that surrounded the PAYE changes have now likely been forgotten by most employers. Looking back on how things used to be with the many improvements RTI has brought to PAYE, many can’t imagine doing things any other way.
Today, employers simply open their payroll software and once they’ve finalised their employees’ payslips they then click a button to submit their FPS to HMRC. All in a matter of seconds. The whole process is effortless, and with good payroll software, RTI adds no extra time to the payroll processing.
In Ireland, real time reporting is lingering on the horizon and the deadline is ever nearing. It is called ‘PAYE Modernisation’ in Ireland and it will be introduced into law for Irish employers on the 1st of January 2019.
For those processing payroll in Ireland and wondering how this is going to affect them, employers in the UK can certainly empathise with them.
RTI was a success story for the UK, achieving its main aims: to make PAYE submissions more efficient and to ensure the accuracy of payroll and tax information for employers and employees.
Written by Cailín Reilly | BrightPay Payroll Software.
Read more like this:
- PAYE Modernisation: What you need to know.
- PAYE Modernisation: How successful was it in the UK
- Understand how your payroll processing will change
- Manually Calculating PAYE Modernisation
- What is PAYE Modernisation?
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