So tax year 2018 will be the last year Irish employers are required to issue P45’s and P60’s.
More power to the employee
People’s personal circumstances can change on a regular basis due to births, death, marriage and divorce, all of which can impact of their personal circumstances and tax affairs.
Irish citizens have managed personal tax accounts online with the Revenue for some time, but the move to Real Time Reporting will give employees the visibility and information needed to manage their personal tax affairs much more efficiently.
This next phase in the digital world will be welcomed I’m sure.
Preparation for January 2019
In preparation for January, payroll providers will be carrying out audits of payroll records to ensure these are in line with data held by the Revenue.
From January 2019 the way in which information is submitted by employers/payroll providers and received from the Revenue will change. Payroll software providers have worked with the Revenue to ensure systems are updated, tested and training carried out in advance of the change next year.
As a payroll provider who manages Irish payrolls, this is something that Dataplan are fully aware of and prepared for.
I have heard whispers that Automatic Enrolment may well be next on the agenda for Ireland in 2021. Watch this space.