3 things employees need to know about PAYE Modernisation
From 1st January 2019, Revenue have moved to modernise the previous, outdated PAYE system. Essentially, this new system provides a more efficient manner for processing pay and should help to alleviate irregularities. Each time a business runs payroll, they will be required to provide up to date employee pay and tax information to Revenue, which will help to keep real-time information on file.
So what does this mean for employees? We’ve listed some points below which should help you to gain a solid understanding of the PAYE Modernisation as an employee:
- Employees are no longer required to request or worry about P30s, P45s or P60s. As the tax information provided to Revenue by your employer is now up to date, pay and deductions will be made on a weekly or monthly basis now (depending on your companies pay schedule)
- Employees will now have a clear and detailed summary of tax credits within Revenue’s MyAccount service here. This information will be kept regularly up to date now during the year as employees are paid.
- End of year deductions and balancing statements did require the submission of a P60 which was provided to employees once a year in most cases. Employees will now be entitled to this statement automatically each year, which saves time and effort.
You can read more on this topic on the Revenue site and in particular in relation to the PAYE Modernisation in which they list out SMART PAYE goals for employees by clicking here.
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