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

Nov 14, 2018

PAYE modernisation will affect all employers and payroll processors from 1 January 2019. The new system introduces a new and improved way of reporting payroll information to Revenue. With this deadline fast approaching, many employers and payroll processors are confused about what PAYE modernisation will mean for their business.

Essentially, all of the current ‘P Forms’ – P30s, P35s, P60s, P45s and P46s – will be abolished, and in their place will be real-time submissions to Revenue. These will be known as Payroll Submission Requests (PSRs) and will need to be submitted “on or before” the date an employee is paid each pay period. In most cases, this means a file will need to be submitted either weekly or monthly.

An opportunity for payroll bureaus

The new legislation will be a big change for all employers, especially those with little payroll experience. This January, there will undoubtedly be a high demand from employers looking for help with their payroll and PAYE modernisation obligations. 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.

With the added workload required to process PAYE modernisation, it is inevitable that clients should expect to pay more for the extra work provided. If you want to drive your business forward, you will recognise PAYE modernisation as an opportunity to increase profits and not a threat.

Download this free eBook today, which examines the best practices for accountants and payroll bureaus to consider which will improve profits and increase revenue.

Download free eBook

Free online PAYE modernisation training

Thesaurus Software, BrightPay and Revenue have joined up to bring you free PAYE modernisation training webinars. During the webinars, we will discuss everything you need to know about PAYE Modernisation and what your responsibilities will be going forward. The webinars also include an in-depth panel discussion where we will answer any questions you may have.

Find out more and register here: 20th November | 5th December

This article is sponsored by Thesaurus Software.