Lastest Budget 2011 Predictions
With Budget 2011 only a day away here are some of the latest predictions for what that budget might contain
Employee PRSI ceiling to be abolished, currently at €75,036
A lowering of personal income tax bands and credits or equivalent measures
A reduction in pension tax relief and pension related deductions
Car Scrappage scheme to be extended
Petrol and Diesel prices expected to rise
Cut in child benefit
Airport travel tax likely to be cut from €10 to €2
Government Ministers face pay cuts of upto €20,000
we will post full details of the actual budget changes after the Brian Lenihan announces them in the Dail tomorrow afternoon.
PayDay – Printing Screens
Within the PayDay irish payroll software package, both the Employee Details and Adjust and Calculate/Payslip screens can be printed by pressing the F12 Key.
Budget 2011 details revealed in Recovery Package MOU
The Memorandum Of Understanding about the Recovery Package published yesterday seems to imply that there will be changes made to the revenue systems during 2011 (as opposed to at the start of the year). The document refers to a “yield €945m in 2011 and an extra €300m in a full year” when it discusses changes to personal tax bands and credits.
This would seem to indicate that the values will change after the first quarter of 2011 and that these changes will not be retrospective. In other words, we could have two (or more?) separate cumulative systems running during […]
EuroPayX – Now you can email P60’s and Levy Certs
For this tax year end Ardbrook have added the option to our EuroPayX irish payroll software to enable you to email P60’s and Year End Income Levy Certs to your employees. If you already use the email payslip facility then this option is for you.
Setting up Email Payslips, P60’s and Levy Certs
Options – Company Details – Email Address – Enter the email address from which the payslips are being sent eg info@ardbrook.ie
(Applies to Email Payslips only) Options – Pay Controls – Payslip Tab – Initialise Email Payslip Count – Use this option to […]
EuroPayX – Make use of Word Links
The EuroPayX irish payroll software has a facility called Word Links which allows you to “MailMerge” with Microsoft Word. This is done by creating a Word document with bookmarks inserted into positions at which data from the payroll will be placed, for example employee name,address,salary etc, then within EuroPayX you create a link which defines what data is to be sent and the name of the Word document. Word links can be used for sending standard letters to employees on a variety of topics such as pension, salary changes etc.
EU agree €85 billion rescue package for Ireland
The EU has tonight agreed a €85 billion rescue package for Ireland, €10 billion of which will immediately be used to secure the banks. €17.5 billion of these funds are to come from the Irish pension reserve fund.the remainder being supplied by the EU and IMF at an average interest rate of 5.83%. Key points include
Ireland has been given an extra year, until 2015 to reduce the budget deficit to 3% of GDP required by the EU.
€15bn in Budget spending cuts and tax increases.
Restructuring of the main banks.
Banks must draw up a list of potential assets to dispose of. […]
EuroPayX – Setting up a Gross To Net Excel Link
It can be useful to setup an Excel link in EuroPayX specifically to replicate the Gross to Net report but with additional fields (usually each Addition and Deduction in the payroll). This overcomes the limitations on the standard gross to net report whose content is limited by the size of an A4 page and allows for a greater level of detail in reporting.
Excel Sheet created by EuroPayX and data then used to create graph.
The Excel link function within EuroPayX can be used to create multiple links […]
€15bn Cuts and Taxes announced
Some of the taxation measures introduced in the four-year plan are as follows
Maintain the 12.5% corporation tax rate
PAYE threshold reduced by €3,000 to €15,300 by 2014
Net Pay by 2014 for a single person on €55,000 will be reduced by €1,860 per annum (€36 per week) or 4.8%. The net pay for a married on-income family on €55,000 will be reduced by €2,310 per annum (€44 per week) or 5.4%.
pension relief changes in the plan provides for the elimination of employee PRSI and Health Levy relief on pension contributions in 2011. It also commits, among other changes in 2011, to reducing […]
Budget 2011 will not be brought forward
Taoiseach Brian Cowen stated last night that the budget will not be held earlier than planned. The €15bn euro deficit reduction plan will be unveiled this afternoon. It has been reported in the irish press that included in the four-year plan will be
an increase in the marginal rate of tax to 42 per cent or higher
tax credits being reduced and tax bands being widened
a cut to the minimum wage from €8.65 an hour to €7.65
introduction of a “local services” charge
cuts to the social welfare budget of €2.5bn over the four years
Will you have a Week 53 this year?
Simply put if your payroll date falls on Friday the 31st December 2010 then you will have a week 53 payroll period, otherwise no. In a week 53 situation the payroll period must be run individually and cannot be part of a two week calculation for holiday shutdown as week 53 is run on week one calculation basis and not a cumulative basis. As a result, the employee will get the benefit of more than the year’s total tax credits and standard rate cut-off point