PAYE Modernisation is the introduction of new changes relating to the way details of your payments and tax are reported to Revenue. There is a new requirement that employers notify Revenue with these details for each employee on/before the payment date. (i.e. every week or month, depending on your pay frequency). Previously these returns were done on an annual basis, i.e. December of each year.
When is this change happening?
It commences in January 2019
What does it mean to me, the employee?
As the returns are completed in real time it abolishes the requirement for P45’s, and P60’s (i.e. your end of year statement of earnings).
Employees will be able to view all the data that your employer reports to Revenue, on their behalf. It will ensure that on-going employee deductions and contributions are correct. The statement of credits and cut-off points that you are accustomed to seeing will be replaced with a RPN (Revenue Payroll Notification) which will be sent to your Payroll Dept.
Will I get a P60 in 2018?
Yes, a P60 will be issued for 2018. This will be the last P60 that you will receive. In 2019 you will be issued with a statement directly from Revenue, through “myAccount” in Revenue.
What is “myAccount” and how do I register?
We have been advised by Revenue that everyone on our payroll should register with “myAccount” on the Revenue website. If you have not done so already please register prior to the 31st December, 2018.
If you have encounter any problems when registering with “myAccount” please contact a member of the Payroll team.