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Upcoming Budget Changes – Budget 2012

After a meeting with Revenue earlier this week, updating of the EuroPayX and PayDay payroll software is proceeding. Incorporating all the amendments due to the change in the calculation of Universal Social Charge to cumulative basis from week one. This not only means changes to the calculation of Universal Social Charge but also to the following: P60 will now show Universal Social Charge details, negating the requirement to produce a year end USC certificate. The P2C Tax Credit import is being modified to import the extra cumulative information for USC P45’s will now also include USC cumulative information, also it will no longer be possible to […]
By Dipak Guharay|November 3rd, 2011|Budget 2012, P2C, P45, P60, Univeral Social Charge|Comments Off on Upcoming Budget Changes – Budget 2012
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Revised USC Frequently Asked Questions

Revised USC FAQs dated 15th March 2011 have been published on the Revenue website at www.revenue.ie/en/tax/usc/universal-social-charge-faqs.pdf
By Dipak Guharay|March 30th, 2011|Univeral Social Charge|Comments Off on Revised USC Frequently Asked Questions
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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 – 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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Universal Social Charge

As we await Budget 2011 on December 7, I want to take a look at one of the changes announced by Brian Lenihan in his budget speech for Budget 2010, the creation of the Universal Social Charge. Originally this was to “replace employee PRSI, the Health Levy and the Income Levy”, however this is now unlikely given the time constraints and it will simply combine the Health and Income Levies. I think it is fairly safe to assume that the Universal Social Charge will operate as a “super” Income Levy, that is with new increased rates and adjusted bands. PRSI will be as before but less the Health […]
By Dipak Guharay|November 15th, 2010|Health Levy, Income Levy, Levy, PRSI, Univeral Social Charge, USC|Comments Off on Universal Social Charge
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