PAYE Modernisation - 'Smart PAYE'
The UK introduced a system called Real Time Information (RTI) where employers are obliged to file payroll returns electronically for each payroll run. If employers do not file on time, they may be liable to financial penalties. Each submission contains quite a significant amount of data. It is like submitting a P35 for each payroll run. Now Revenue intend to implement a similar system for Ireland. More information about the UK system can be found here:
It is planned by Revenue that PAYE Modernisation will be operational from 1 January 2019.
PAYE Modernisation will likely significantly increase the administrative burden by integrating PAYE reporting obligations into the normal payroll process. With this in mind, we will endeavour to make the process as painless as possible for you by drawing on our UK RTI experience.