PAYE Modernisation
PAYE modernisation
PAYE Modernisation will introduce a Real Time information process into the payroll cycle from 1st January 2019.
This is the most significant reform of the PAYE system since its introduction in 1960. Its introduction should improve the accuracy, ease of understanding and transparency of the PAYE system for all stakeholders. The full benefits to employees and employers should become apparant as it is fully rolled out in 2019.
The benefits for all UCD employees will include the following:
Simplified online services - By logging into you My Account at (opens in a new window)www.revenue.ie , UCD employees will be able to track month to month or week by week basis, the real-time tax position of their UCD earnings. This facility to see your pay/tax details through My Account should be available no later then June 2019 (actual date to be confirmed by Revenue)
Please click the link for more information Revenue My Account
Maximum use of credits/entitlements - SMART PAYE will help to ensure that employees claim any credits to which they are entitled. Individuals will still have to claim any allowances but in cases where an individual has more than one employment, Revenue will ensure that credits and rate bands are allocated to maximum effect.
Automatic end of year review - Forms P45 and P60 will be abolished after 2018 and employees will have online access to their Revenue record during the year and at year end. Employees will no longer need to request an end of year statement to rebalance their taxes, this will be automatically done by Revenue. You will be able to obtain an End of year statement of earnings from Revenue. Simply go to (opens in a new window)www.revenue.ie and log into your My Account.
Real time accurate data - Under SMART PAYE, UCD and all employers must provide Revenue with the full details of all statutory deductions made from the emoluments of employees on or before the employee is paid. This allows all employees confirm via My Account the exact amount of tax, USC and PRSI returned by their employer each time they are paid.
Transparency - SMART PAYE enables employees to confirm via My Account that deductions made from their salaries are actual reported to Revenue on a timely basis. This will be available to employees from mid-2019 onwards
For further information :