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
Reduced frequency of tax returns and payments
Reductions in the frequency of PAYE/PRSI and VAT tax returns and payments for smaller businesses will again be extended to eligible businesses from 1 January 2011. Similar arrangements in respect of RCT will also become available from that date.
Businesses making total annual VAT payments of less than €3,000 are eligible to file VAT returns and make their payments on a 6 monthly basis;
Businesses making total annual VAT payments of between €3,000 and €14,400 are eligible to file VAT returns and make their payments on a 4 monthly basis;
Businesses making total annual PAYE/PRSI payments of up to […]
PayDay – Did you know about pop-up calculator
In PayDay if you right mouse click in a numeric field in any window then a calculator will pop-up, you can then use it and return the result into the numeric field on screen.
Irish bank modulus checker available for software developers
Modulus Checker is software developed by Ardbrook Limited, that enables the user to validate the accuracy of any sort code / bank account number combination, for the clearing banks within the Republic of Ireland and Northern Ireland; and sort code only for the non-clearing banks.
This is achieved by running in reverse the internal algorithms of each of the clearing banks on the sort code / bank account numbered entered. Modulus Checker contains a complete user-maintainable database of all bank branches within the Republic of Ireland and Northern Ireland.
There are two DLL versions available, .NET or Active […]
Ireland asks for EU/IMF bailout
Taoiseach Brian Cowen has announced that the EU has agreed to a joint EU/IMF bailout details of which will be negotiated in the coming weeks. The package will be over three years and is linked to restructuring of the Irish banking sector and a deficit reduction plan. Brian Cowen also stated that income tax levels will be returned to 2006 levels.
EuroPayX – Did you know that photos can be linked to an employee
In EuroPayX a photograph can be linked to an employee’s master file record. To do this simply click on the HR tab and then using the browse button against the image file entry, locate and select the required image. The image selected will appear when viewing the employee master record.