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- SEPA the Single European Payments Area will impact on employers – is your business SEPA ready?
- Employers – By the end of May 2013, your employees are required to return their completed Local Property Tax (LPT) form. One of the payment options is to have their LPT deducted through payroll.
- Taxation of Maternity Leave, Adoptive Leave and Health & Safety Leave to be operated through an adjustment to the recipients Tax Credits and Standard Rate Cut Off Point (SRCOP).
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Employers – By the end of May 2013, your employees are required to return their completed Local Property Tax (LPT) form. One of the payment options is to have their LPT deducted through payroll.
Local Property Tax (LPT) – What employers need to know
What is LPT?
Individuals will be required to pay LPT from 1st July 2013. The LPT Payable for 2013 is based on the value of the property and determined by each individual. Revenue have issued guildelines on how each property should be assess and provide a simple on-line calculator on their site at http://www.revenue.ie/lpt_reckoner/index_en.html showing the amount payable for 2013. A booklet containing details of the LPT… Continue reading
Local Property Tax deduction through payroll
The Local Property Tax will come into effect from 1st July 2013 may be deducted through payroll. Local Property Tax is payable on the market value of a residential property located within the state. It is up to each individual to determine their liability to Local Property Tax using the market value of their home.
For 2013 a half yearly charge will apply and an annual charge will apply for 2014 and subsequent years.… Continue reading
March 2013 – Employer Tip – Maternity Leave Payments to be taxed by Employers
ER Tip for March – Maternity Leave Payments from Social Welfare will be taxable by the employer from 1st July 2013.
Taxation of Maternity Leave Benefit – Maternity Benefit will become liable to PAYE from 1st July 2013, however will be exempt from PRSI and USC. The taxation will apply to all Maternity Benefit effective 1st July 2013, regardless of when the Maternity Benefit commenced is claimed.
The Irish Payroll Association along with most employers and payroll processers … Continue reading
Employer Tip February 2013: Budget changes to PRSI – what it means to employees
Budget changes to PRSI – Are you aware how the changes affect your employees?
Employees who are currently liable for PRSI will no longer have the weekly €127 PRSI allowance. This means that all employees who currently pay PRSI will pay just over €5.00 extra per week in PRSI or €264.00 per annum.
Self-Employed people will need to pay a minimum PRSI contribution of €500 per annum, increased from €253.
Other Budget Changes mean that new measures… Continue reading
Tax Relief on Private Medical Insurance
Should your employees be claiming Tax Relief on Private Medical Insurance?
If you are paying Private Medical Insurance on behalf of your employees, then the Gross Cost of the Medical Insurance is taxable as a Benefit In Kind. Your employees can apply to Revenue for Tax Relief on the Private Medical Insurance at the standard rate of 20%.
Where the employer pays the insurance premium on behalf of the employee the net premium payable to… Continue reading
Public Holidays for Christmas 2012 & New Year 2013
Public Holidays for Christmas 2012 & New Year 2013
Of the nine annual public holidays, three of them listed in the Organisation of Working Time Act 1997 fall within the next few weeks:
- Christmas Day – 25th December 2012
- St. Stephen’s Day – 26th December 2012
- New Year’s Day – 1st January 2013
Christmas Eve and New Year’s Eve are not public holidays and are counted as annual leave if an employee who is scheduled to work… Continue reading
Taxation of Illness Benefit – Employers are now responsible
Employers are now responsible to tax any illness Benefit received by employees. When an employee is absent from work due to illness and receives Illness Benefit from the Department of Social Protection (DSP) it is now the employer’s obligation to deduct tax through the PAYE system.
The DSP notifies the employer of the amount of the taxable Illness Benefit, which your employee is entitled to receive while out sick and also the date the payment commenced. Employers must contact the… Continue reading
Employer Tip Sept’12 – Claim Tax Relief for Tuition Fees up to €7,000
Tax Relief at the standard rate of tax is available for the following Tuition Fees: Tuition fees paid for certain full-time and part-time undergraduate courses of at least 2 years duration. The relief applies to fees up to €7,000. Tuition fees paid for certain training courses in the areas of information technology and foreign languages. The relief applies to fees ranging from €315 to €1,270. Tuition fees paid for certain postgraduate courses.
Who can Claim Tax Relief for Tuition Fees?… Continue reading
Foreign Employment carried out in Ireland – Special Assignee Relief Programme (SARP)
Foreign Employment – Special Assignee Relief Programme (SARP)
The Finance Act 2012 introduced a Special Assignee Relief Programme (SARP) to reduce the cost to foreign employers of assigning key individuals from abroad to take up positions in the Irish based operations of their organisation. The SARP provisions only apply where an individual’s relevant income exceeds €75,000 per tax year.
Relevant income for the purposes of SARP is defined as the individual’s total income from that employment, excluding… Continue reading
Holiday Entitlements – as the summer comes upon us, employers ask how to calculate holiday entitlements and pay for annual leave
As the summer holidays approach, employers need to have a clear understanding of their obligations under the Organisation of Working Time Act 1997 which governs holiday entitlements. This article outlines the holiday entitlements for employees and the calculation of their holiday entitlement for payment.
Holiday Entitlements
There is no qualifying period for holiday entitlements and all employees’, regardless of status, service or age, qualify for paid holiday entitlement. When calculating holiday entitlement, all time worked qualifies for… Continue reading
Understanding Holiday Entitlements & Calculations
Holiday Entitlements for Employees – a Brief Overview
Holiday entitlements and calculations are one of the most frequently asked questions and it is important to ensure that employees get paid their entitlements under the Organisation of Working Time Act. This article sets out the criteria for establishing when holiday entitlement is due, to whom and then the methods for calculating out the monetary value of the holiday entitlement.
Holiday entitlements are governed under The Organisation of Working… Continue reading
Employers Guide to Hiring Students for the Summer
Summer holidays are just around the corner and many employers are considering hiring students during this time. Although it’s nice to see employers affording the opportunity to the future leaders of this country there are also many rules and regulations employers need to be aware of if they are considering hiring students.
The Protection of Young Persons (Employment) Act is designed to protect young workers under the age of 18. Below are several areas employers need to be aware of.… Continue reading
Extension of the PRSI Incentive Scheme to support job creation
On 23 February 2012, the Minister for Social Protection announced that the Employer Job PRSI Incentive scheme, is now being extended into 2012.
Under the scheme, if an employer takes on an additional member of staff in 2012 , who had been unemployed for 6 months or more, s/he would be exempted from paying employers’ PRSI for 18 months. The job must be new and additional, be for at least 30 hours a week and last for at least… Continue reading
Application Deadline for Separate Assessment 31st March
The time limit for applying for Separate Assessment for 2012 for Married Couples and Civil Partners is fast approaching. The claim can be made by either spouse or either civil partner. It cannot be backdated to a previous year and continues into future years until withdrawn. The spouse or civil partner who made the initial claim for separate assessment must also be the person to withdraw it.
A withdrawal of Separate Assessment for 2012 must… Continue reading
Employer Tip February 2012 – Changes to the USC for 2012
USC calculation changes from 1st January 2012
Since 1st January 2012 Revenue has changed the way in which USC is calculated. USC is now calculated on a cumulative basis, similar to the manner in which PAYE is deducted. Where an employee’s Gross Income does not exceed €10,036 per annum, no USC liability will arise. This exemption will be stated on the employee’s tax credit certificate for 2012 which is used by the Payroll Team in processing your payroll.
The… Continue reading
January 2012 Employers Tip of the Month – P60s for 2011
Revenue have advised that it will suffice for an employer to print one copy of a P60 for an employee for tax year 2011 and subsequent years. There is no requirement to print a duplicate copy. If an employee seeks a duplicate copy, employers are permitted, but not obliged, to give a duplicate copy. Employers have the option of giving employees a printed version however, it is also acceptable to give an electronic P60 to an employee once the employee… Continue reading
Public Holidays for Christmas & New Year 2012
Employers Obligations for Public Holiday
It is important that employers understand their obligations to all employees where public holidays are concerned. Most employees are entitled to a public holiday benefit. The exception to this is part-time/casual employees who have not worked at least 40 hours in the last 5 weeks prior to the public holiday.
The public Holiday Benefit can be:
- A paid day off within a month of the public holiday
- An additional day of annual leave
- A paid… Continue reading
Reward Your Employees TAX FREE using the Small Benefit Exemption
Employers can provide employees with a small benefit exemption to a maximum value of €250 once in any tax year.
The small benefit exemption must be in non-cash form, such as a voucher or a hamper. PAYE, PRSI and Income Levy will not be applied to the benefit.
The small benefit exemption cannot be paid in the form of cash, cheques etc. The exemption does not apply to the cumulative value of a number of gifts but rather it… Continue reading
Employers Tip- October 2011: Let Paycheck Plus help you comply with your Employer Pension Obligations through your Payroll
Employers Tip- October 2011: Let Paycheck Plus help you comply with your Employer Pension Obligations
Paycheck Plus now has an associate Qualified Financial Advisor who can help you, set up a pension scheme for your employees.
Contact Paycheck Plus today and we will arrange a meeting for you with our associate QFA who will advise you of the best Pension Scheme options for your employees.
All employers are required by law to provide access to a pension for… Continue reading
Claim Tax Relief on Third Level Education Tuition Fees for the Academic Year 2011 – 2012
Tax Relief in respect of Tuitions fees for Third Level Education
As many students commence study at this time, it’s worth considering if you can claim tax relief on Third Level education fees for yourself or anyone for whom you pay third level fees. Relief is available at the standard rate of tax (currently 20%) subject to a maximum limit of €7,000 for the academic year 2011- 2012.
For 2011 and subsequent years, the first €2,000 of any claim… Continue reading
Happy Payroll Week – Monday 29th August to Sunday 4th September is National Payroll Week
National Payroll Week celebrates the hard work and dedicated service provided by payroll personnel such as the Payroll Team at Paycheck Plus in Ireland. It is their responsibility to guarantee accurate and timely payment of salary and wage payments for more than 1.8 million employees. The work of payroll personnel is usually taken for granted and often goes unrecognised and unrewarded, despite the fact that they play a vital role in every company. Payroll personnel in Ireland are responsible for… Continue reading
July Employers Tip 2011: Employers PRSI rate has been halved from 8.5% to 4.25% from 2nd July 2011.
Employers PRSI rate has been halved from 8.5% to 4.25% from 2nd July 2011.
All employees earning less than 356 Euro per week will be eligible for the new Employers PRSI rate.
The minister announced a reduction in the employer PRSI rate from 8.5% to 4.25% to assist in job creation. This will reduce employer costs in the creation of new jobs. This new rate will apply from 2nd July 2011 until the end of 2013. This is a… Continue reading
Employing young people during the holidays? Ensure you understand the legislation relating to these employees.
With school holidays on the horizon you might be considering employing school children or young people during the summer months. Be aware that under the Protection of Young Persons (Employment) Act 1996, if you are employing individuals under the age of 18 years there are certain statutory obligations in relation to hours of work, breaks, rest periods and payment of wages. Although the minimum wage is being reversed to €8.65 per hour from 1st July 2011, the… Continue reading
Employer Tip May 2011 Cycle To Work Scheme: Get fit, save tax and have a greener environment
Save Tax as you Save The Environment: Employees can save on PAYE, PRSI and USC under the cycle to work scheme.
The Cycle to work scheme introduced in January 2009, allows for employers to provide a new bicycle or pedelec (bicycle equipped with an auxiliary electric motor) and associated safety equipment to employees who agree to use the bicycles to travel to work. They will be treated as a tax-exempt benefit-in-kind.
This tax exemption may only… Continue reading
Employer Tip April 2011 – Income Levy Refunds
Are your employees due a refund for Income Levy paid in 2009 and 2010?
Where an employee’s total gross pay for the year does not exceed €15,028 a refund may be due.
Employees may be due a refund for Income Levy paid in 2009 and 2010. The employee can contact the Revenue directly for a refund of any income levy overpayment after year end. Just complete the form on the below link to claim any Income Levy refund… Continue reading
12 months PRSI free with new employees. Create a new position and pay no Employer PRSI for 12 months.
Employers Tip March 2011 - Create a new position and pay no Employers PRSI for 12 months
The Employers Job (PRSI) Incentive Scheme has been extended from 2010. Employers do not have to pay the employers’ portion of the PRSI contribution for certain employees.
Employers who have created new jobs for people who had been claiming Jobseeker’s Benefit for a period of 6 months will not have to pay employer’s PRSI in respect of their employment for… Continue reading
Understanding the BIK implications of Private Medical Contributions
Are you paying Medical Insurance on behalf of your employees?? Have you fulfilled your Employer obligations in the relation to the BIK aspects of this benefit?Where the employer pays the insurance premium on behalf of the employee the net premium payable is 80% of the gross premium. The employer then must pay the remaining 20% direct to the Revenue when paying their Preliminary Tax payment to the Collector General. Where the employer is paying medical insurance on behalf of… Continue reading
Employers Tip January 2011 – Get back 20% of your medical bills
It’s a fact that PAYE workers will pay more tax from January 2011. Many tax credits have been reduced or abolished. However, medical receipts can still be reclaimed through the Med1 form. You may claim tax relief at the standard rate of tax (20%) for certain medical expenses incurred by you or in respect of any other individual. A claim for tax relief must be made within 4 years after the end of the tax year to which the claim… Continue reading
Employer Tip December 2010 – Reward your employees tax free this Christmas
Employers can provide employees with a benefit tax free to a maximum of €250 once in a tax year.
The small benefit exemption must be in non-cash form, such as a voucher or hamper. PAYE, PRSI and levy need not be applied to this benefit. This exemption does not apply to a cumulative number of gifts but to one gift only. The employer is exempt from paying Employers PRSI on the benefit and the cost… Continue reading
Employers Tip-November 2010: Save 10.25% of Gross Salary for every employee over the age of 66 Read more.
Overpayments of both employers and employees PRSI occur when employees are put on the wrong PRSI class. While software systems adjust the rate of PRSI payable for employees when processing payroll, it does not recognise which class the employee should be on. The PRSI class depends on personal circumstances as well as earnings. Most payroll is processed by classifying employees at Class A regardless of their personal circumstances resulting in overpayment of PRSI and levies for both employers… Continue reading
Comply with Pension obligations and save PRSI at the same time
Let Paycheck Plus help you with your employer pension obligations and save PRSI at the same time. Continue reading
September Payroll Tip – Claim tax relief on college fees.
Many people mistakenly believe that they can only claim tax relief for themselves or for their children. Continue reading
Tip 1
Claim Tax Relief for Service Charges Paid - Relief is granted in each tax year in respect of service charges paid in the previous tax year Continue reading
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