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Budget 2011 – Revised Operation of Universal Social Charge

Previously we had been told that for all practical purposes we could ignore the lower €4004 threshold, however today Revenue stated that the arrangements for the treatment of the lower threshold of Univeral Social Charge (€4004) has been changed so that those earning €4004 are not to be subjected to charge. This means that if an employees Gross pay for USC does not exceed €77 per week then they will not be subject to the USC, however if the Gross pay for USC goes over the €77 euro limit by even 1 cent then the employee must pay USC […]
By Dipak Guharay|December 15th, 2010|Budget 2011, Univeral Social Charge|Comments Off on Budget 2011 – Revised Operation of Universal Social Charge
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Budget 2011 – The Parking Levy

The Ministerial Order to introduce the Parking Levy was signed in July 2010, and can be introduced at any time, subject to 3 months notice. It is unlikely the Parking Levy will go live prior to 1 April 2011, and will only if the designated areas in which the levy will apply are published and the 3 months notice of implementation given. The amount of Parking Levy collected from employees will be included in the PAYE box when remitting the P30 Monthly / Quarterly return. The P35 will be required to include the number of employees from whom they […]
By Dipak Guharay|December 15th, 2010|Budget 2011, Parking Levy|Comments Off on Budget 2011 – The Parking Levy
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Budget 2011 – Irish Payroll PRSI Clarifications

Confirmation from Welfare for Class K – if earnings less than or equal to €100 in a week record as M. Employee and Employer reckonable earnings for PRSI purposes are to be calculated independently, and at the relevant rate in respect of each seperate amount. This leads to the potential problem where employee and employer PRSI are returned at two different PRSI classes. To avoid this the return (contribution) will always be at the subclass designated by the employee reckonable earnings. Advance Notice to computer users for PRSI changes now available on welfare.ie click here
By Dipak Guharay|December 14th, 2010|Budget 2011, PRSI|Comments Off on Budget 2011 – Irish Payroll PRSI Clarifications
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Budget 2011 – Irish Payroll USC Clarification

The €4,004 yearly exemption is to be applied for to the Revenue only at the end of the year.  It is not to be broken down into weekly/monthly/etc equivalents to be applied in weekly/monthly/etc payroll.  This is different to the Income Levy where the €15,028 was broken down and applied weekly/monthly/etc.   Throughout the year the only thresholds/rates to be applied in payroll are €10,036 @ 2%, the next €5,980 @ 4% and the balance at 7%.  Folks aged 70 or over pay a max of 4%, starting above €10,036. This exemption it has to be applied for at year […]
By Dipak Guharay|December 13th, 2010|Budget 2011, Universal Social Charge|Comments Off on Budget 2011 – Irish Payroll USC Clarification
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Budget 2011 – Emergency Tax Credits and Bands

With the revised tax credits and Cut Offs for Irish payroll for 2011, when calculating tax on an emergency basis the credits and cut offs are as followsWhere employee does not provide a PPS Number Weekly Paid    Weeks 1 – 4                CutOff Point €631              Weekly Tax Credit €32 Weeks 5 – 8                CutOff Point €631              Weekly Tax Credit  nil Week 9 onwards         CutOff Point  nil                  Weekly Tax Credit  nil Monthly Paid Month 1                      CutOff Point €2,734           Monthly Tax Credit €138 Month 2                      CutOff Point €2,734           Monthly Tax Credit  nil Month 3 onwards        CutOff Point  nil                  Monthly Tax Credit  nil Where an employee does not provide a PPS number The […]
By Dipak Guharay|December 9th, 2010|Budget 2011, Tax|Comments Off on Budget 2011 – Emergency Tax Credits and Bands
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Budget 2011 – Pension changes

Pension changes for Irish payroll introduced in Budget 2011 Employee PRSI on pension contributions From 1 January 2011, employee contributions to occupational pension schemes and other pension arrangements will be subject to employee PRSI and the Universal Social Charge. The PRSI change will be legislated for in the Social Welfare Bill. Employer PRSI on pension contributionsThe current employer PRSI exemption for employee contributions to occupational pension schemes and other pension arrangements will be reduced by 50% from 1 January 2011. The change will be legislated for in the Social Welfare Bill. Contribution limitMaximum allowable pension funds The maximum allowable pension fund on retirement […]
By Dipak Guharay|December 8th, 2010|Budget 2011, Pensions|Comments Off on Budget 2011 – Pension changes
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Budget 2011 – PRSI Changes

The several changes to the calculation of PRSI in Irish payroll for 2011 as follows: Employers There are some changes to rates for 2011. The Minister announced an Employer Jobs Incentive Scheme for 2010, this scheme has been extended for 2011. Where an employer creates a new job and takes on a person who has been unemployed for at least six (6) months, the employer will be exempt from paying Employers PRSI in the respect of that person’s employment for a period of one (1) year from the date of commencement.Employees The contribution ceiling has been removed For 2011 reckonable earnings for calculation of […]
By Dipak Guharay|December 8th, 2010|Budget 2011, PRSI|Comments Off on Budget 2011 – PRSI Changes
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Budget 2011 – New Universal Social Charge

For Irish payroll the new Universal Social Charge is a combination of the old Income Levy and the Health Levy.  The Universal Social Charge effective 1 January 2011, is payable on Gross Income before anyrelief for Pension Contributions, Capital Allowances or Losses. All individuals are liable to pay the Universal Social Charge, if their gross income exceeds the threshold of €4,004 per annum. Medical card holders are not exempt from the Universal Social Charge. The band and rates for Universal Social Charge are Persons under the age of 70 0% < €4,004 2% €0 to €10,036 4% €10,037 to €16,016 7% > €16,016 Persons aged 70 or over 0% < €4,004 2% […]
By Dipak Guharay|December 8th, 2010|Budget 2011, Univeral Social Charge|Comments Off on Budget 2011 – New Universal Social Charge
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Budget 2011 – Public Service Pension-related Deduction Changes

From 1 January 2011, the pension-related deduction which is charged to earnings in the public service will be subject to employee PRSI and the Universal Social Charge to be introduced on 1 January 2011. The PRSI change will be legislated for in the Social Welfare Bill.
By Dipak Guharay|December 7th, 2010|Budget 2011, PRD|Comments Off on Budget 2011 – Public Service Pension-related Deduction Changes
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Budget 2011 – Main Points

The main points of budget 2011, in particular those relating to the calculation of irish payroll are: No reduction in state pension €10 reduction in Child Benefit in both lower and higher rates, additional reduction of €10 for third child Extension of Employer’s PRSI incentive scheme to 2011 Public service pensions above €12,000 per year will be reduced by 4% Income tax band and credits to be lowered by 10 per cent People on new reduced minimum wage will not be brought into tax net DIRT increased by 2 per cent to 27 per cent on ordinary deposit accounts and by 2 per cent […]
By Dipak Guharay|December 7th, 2010|Budget 2011|Comments Off on Budget 2011 – Main Points
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