Updated Employers Guide To PAYE
Revenue has updated the Employers Guide to PAYE guide which can be downloaded from their website –
http://www.revenue.ie/en/business/paye/guide/employers-guide-paye-calculation.html
Payroll Changes expected for Budget 2013
The Minister for Finance Mr Noonan announced today that there would be €1 billion plus in tax increases in the next budget scheduled for the first week of December 2012. It has been previously stated in the Memorandum of Understanding on the EU-IMF-ECB bailout that these would come from:
A lowering of personal income tax bands and credits.
A reduction in private pension tax reliefs.
A reduction in general tax expenditures.
A increase in property tax.
Mr Noonan also stated that the budget would be helped by a tax carryover from 2012.
EuroPayX Payroll Software Latest Update Available for Download
Use the following links to download the latest update of EuroPayX to version 16.1h
http://www.ardbrook.info/updates/europay/epxprog.zip
and
http://www.ardbrook.info/updates/epxdb.zip
Before using the above links contact us for the Username and Password, and we will talk you through loading this update
Top 10 features of EuroPayX Payroll Software
Fully compliant will all Revenue Tax, PRSI and USC requirements
Email Payslips & reports The payslips are compressed, and password protected if required and delivered using your own email server.
Customised Timesheets & links – Timesheet screens for easier data input. Caters for multiple costing within Adjust and Calculate options. On-the-fly permanent amendments to employee tax details. Timesheet links and manual input are interchangeable.
Excel, Word & GL Links
“skylight – a drill down” history – View Employee Master File details period by period. Employee tax details for current tax year may be viewed using pop-ups.
HR and Time and Attendance systems links
One click reporting – All your favourite reports […]
Ulster Bank Problem Enters Third Week
Ulster Bank has failed to clear its transaction backlog and has indicated that it may be well into next week before it can do so.
PRSI Increases on the way?
The Minister for Social Protection Joan Burton has indicated in a speech at the weekend that she is in favour of increasing PRSI contributions for both employees and employers.
Ulster Bank Problems processing Transactions
The problems Ulster Bank had processing transactions last week will continue into this week. Ulster Bank have stated that the backlog is now unlikely to be cleared before then end of the week.
Budget 2012 – USC Changes
From 2012 the USC exemption limit will be raised from €4,004 to €10,036 per annum. The other major change to the calculation of the Universal Social Charge is that it will now be calculated on a cumulative basis removing the need for refunds at the end of the tax year.
Budget 2012 – Employer PRSI Calculation Change
Budget 2011 abolished PRSI relief in the case of the employee element of PRSI in relation to the employee pension contributions and provided for the abolition of half of the PRSI relief in the case of the employer element of PRSI. In Budget 2012 the relief from employer PRSI on employee pension contributions is now fully abolished. This means that employer PRSI will increase for any employee who makes a pension contribution.
There are no changes in 2012 to the PRSI thresholds and rates.
Budget 2012 – The Highlights
The main points as regards taxation of Budget 2012 are as follows
12.5% corporation tax rate remains cornerstone of economic policy
Introduction of Special Assignee Relief Programme
Enhancement of R&D tax credit regime targeted at SME’s
Removal of Employer PRSI relief on pension contributions
Increase in standard rate of VAT from 21% to 23%
No change in income tax rates, bands, or credits
No increase in employee PRSI or USC
USC exemption level rises to €10,036 from €4,004 in 2011
Increase in CGT, CAT and DIRT rates to 30%
Stamp duty on non-residential property reduced to 2%
Sick Pay Tax Exemptions changed
PRSI may widen to include rental income