Revenue introduced PAYE modernisation on 1st January 2019 which introduced “real time” payroll reporting for PAYE employees. As we approach the end of 2019 we would like to remind PAYE contractors of what this change means for them. More information on PAYE modernisation can be found here.
The main change is that Employers now report payroll earnings to Revenue each time a payroll payment is made and this has led to the abolition of a number of forms such as P45s (For leavers) and P60s (End of Year Statement of Earnings). PAYE workers must create a myAccount with Revenue. If you are not already registered then you can register quickly and easily on the Revenue website at Revenue.ie.
2019 Statement of Earnings:
Employers will no longer issue a P60. To replace this employees can access an Employment Detail Summary for 2019 in ‘PAYE services’ on myAccount. This employment detail summary will contain income and statutory deduction details for each employment or pension in 2019. This will be available in January 2020 and can be downloaded or printed and used where proof of income is required by a third party.
The pay date reported by your employer is the date when the funds are made available to an employee. The tax credits and rate bands to be applied are those that relate to the period in which the payment is made regardless of when the money was earned, for example, a payroll payment received on 2nd January will utilise Jan 2020 tax cut off and credits.
Claiming Tax Refunds:
Revenue want to ensure taxpayers only pay the correct amount of tax. There is a four-year time limit for claiming a refund of tax, and the deadline for 2015 is December 31 this year. For taxpayers who want to make a claim, the quickest, easiest and most convenient way to do so is online using PAYE Services, which is available in Revenue's myAccount portal. When you submit a claim, it is processed and verified by Revenue and most online refund claims, where you provide your bank details in your myAccount profile, are paid within five working days. The most common claims are for receipted health expenses, non-routine dental (eg crowns and veneers), tuition fees and student contribution for third level education
If you have any queries, contact Revenue on +353(01) 738 36 36
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