10 quick tips to a successful PAYE modernisation strategy for payroll bureaus (Sponsored)

Nov 08, 2018

In the past, employers submitted their end-of-year payroll returns to Revenue at the end of the tax year. Payroll bureaus and accountants typically processed the payroll on behalf of their clients just once a year. However, the introduction of PAYE modernisation will change that yearly submission process to a more frequent, per-pay-period model.

PAYE Modernisation changes the payroll process forever. Accountants and payroll bureaus will now need to process their client’s payroll and send the employer file (Payroll Submission Request or PSR) to Revenue each time an employee is paid at every pay period. This real time reporting will mean that bureaus should look to increase the prices that they charge for payroll and PAYE modernisation services to compensate for the additional work required.

An opportunity for payroll bureaus

Increasing your prices is never very popular with clients but it may be necessary to recoup the additional hours required to comply with PAYE modernisation each pay period on behalf of your clients.

Your clients will want to know what they are getting in return for the additional fee, therefore, communication will be fundamental to your success. It is natural for clients to be cautious when they are told that the prices are increasing, however, you must be confident in outlining the additional work and expertise required to process payroll with PAYE Modernisation.

PAYE Modernisation Guide 3

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This article is sponsored by Thesaurus Software.