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PAYE MODERNISATION 2019
PAYE modernisation is a real-time reporting (RTR) payroll system which takes effect on January 1, 2019 and will enable Revenue to ensure that employees are receiving their correct tax credits and cut-off points so that the correct deductions are being applied for every employee throughout the year when they are paid as compared to the current PAYE reporting system which is done by the preparation and filing of P35's on an annual basis.
This ensures that Revenue have accurate information for employees at all times and also employees will have full online access in real time to their payroll information as submitted by their employer to Revenue.
With real-time reporting the employer needs to ensure that he reports accurate data on a real-time basis each pay period. This will minimise the risk of employees being either overpaid or underpaid.
The Innovation Voucher initiative was developed for small businesses to purchase academic support and expertise from Ireland's public knowledge providers. Innovation Vouchers worth €5,000 are available to assist a company to explore a business opportunity or problem with a registered knowledge provider.
The Innovation Vouchers initiative is open to all small and medium-sized limited companies registered in Ireland.
81% of applications are successful. The main reasons for non- success are non-eligibility of the applicant insufficient information, ineligible activity and low level of innovation. If unsuccessful you can reapply.
HMRC in the UK recently issued guidance just in case the powers that be fail to reach agreement and the UK crashes out of the EU on 29th March 2019 - a so-called hard Brexit. This may be useful for Irish importers and exporters.
Customs procedures with a "no deal" Brexit
Essentially the two-way free movement of goods between the UK and the EU will cease and the raft of changes that firms trading with the EU will need to accommodate are significant.
Whilst the political process is deadlocked, or so it would seem, the information shared below is very much the worst possible outcome for importers and exporters to the EU from a red-tape perspective. If the government is successful in negotiating a softer version for the UK exit from the EU, then some, or perhaps all, of the following changes may not have to be made.