Last quarter we briefed you on PAYE Modernisation, the new PAYE regime for employer’s reporting of payroll information to Revenue. Since its introduction in January, Revenue has implemented several updates. From 15th May PAYE employees can view their pay and tax details submitted by their employer or pension provider on their behalf. This service is available through the ‘My Account’ facility.
According to the Irish Tax Institute, this access will be the first step in ‘phase 2’ of PAYE modernisation, which will focus on realising benefits for employees and enhancing MyAccount service. Further planned developments include a tax calculator, so that employees can see the impact of changes in their tax credits and an enhanced self-service facility to allocate tax credits across different employments.
Revenue also intends to provide secure access by specified third parties to an individual’s pay and tax details, with an employee’s permission (as an alternative to the requirement to provide an income statement to lending institutions and other agencies).