Budget 2011 – Other changes
Other changes that may have an impact on the running of Irish payroll in tax year 2011 are as follows:
Abolition of Tax relief on Trade Union subscriptions
Abolition of Tax relief on subscriptions to professional bodies
Abolition of Tax relief on approved share option schemes
Abolition of relief on BIK for employer provided childcare
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.
Budget 2011 – PAYE Tax Credits and Bands
Tax Rates
The Standard Rate remains at 20% and the Higher Rate is unchanged at 41% or 40% if Marginal Rate applies (the marginal rate is unchanged).
The Sub-Contractor rate has changed it is now for sub contractors registered for tax with an established compliance record at 20% and 35% for sub contractors not registered for tax.
The Bands of Taxable Income for the Tax Year are as follows:
Single/Widowed € 32,800 (€ 36,400) @ 20% (without dependent children) Balance @ 41% or 40% if Marginal Rate applies
Single/Widowed € 36,800 (€ 40,400) @ 20% (One-Parent Family Tax Credit) Balance @ 41% or […]
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 […]
Revenue – eRegistration
Monday 29th November 2010 saw the introduction of an increased range of eRegistration services through Revenue’s Online Service (ROS) These services include:-
Registering a new business for,
Income Tax,
Corporation Tax,
Employers PAYE/PRSI,
Value Added Tax,
Relevant Contracts Tax,
e-Levy.
Registering an existing business for any of the above taxes as additional taxes.
Cancelling any or all tax registrations for an existing business.
Allowing a ROS user, either an agent or an individual ROS user, to manage agent/client ‘links’.
It is proposed to support the registration of Partnerships and Trusts and Re-Registrations via ROS from the end of March 2011. Registration of Foreign Companies and Unincorporated Bodies […]
Lastest Budget 2011 Predictions
With Budget 2011 only a day away here are some of the latest predictions for what that budget might contain
Employee PRSI ceiling to be abolished, currently at €75,036
A lowering of personal income tax bands and credits or equivalent measures
A reduction in pension tax relief and pension related deductions
Car Scrappage scheme to be extended
Petrol and Diesel prices expected to rise
Cut in child benefit
Airport travel tax likely to be cut from €10 to €2
Government Ministers face pay cuts of upto €20,000
we will post full details of the actual budget changes after the Brian Lenihan announces them in the Dail tomorrow afternoon.
PayDay – Printing Screens
Within the PayDay irish payroll software package, both the Employee Details and Adjust and Calculate/Payslip screens can be printed by pressing the F12 Key.
Budget 2011 details revealed in Recovery Package MOU
The Memorandum Of Understanding about the Recovery Package published yesterday seems to imply that there will be changes made to the revenue systems during 2011 (as opposed to at the start of the year). The document refers to a “yield €945m in 2011 and an extra €300m in a full year” when it discusses changes to personal tax bands and credits.
This would seem to indicate that the values will change after the first quarter of 2011 and that these changes will not be retrospective. In other words, we could have two (or more?) separate cumulative systems running during […]
EuroPayX – Now you can email P60’s and Levy Certs
For this tax year end Ardbrook have added the option to our EuroPayX irish payroll software to enable you to email P60’s and Year End Income Levy Certs to your employees. If you already use the email payslip facility then this option is for you.
Setting up Email Payslips, P60’s and Levy Certs
Options – Company Details – Email Address – Enter the email address from which the payslips are being sent eg info@ardbrook.ie
(Applies to Email Payslips only) Options – Pay Controls – Payslip Tab – Initialise Email Payslip Count – Use this option to […]
EuroPayX – Make use of Word Links
The EuroPayX irish payroll software has a facility called Word Links which allows you to “MailMerge” with Microsoft Word. This is done by creating a Word document with bookmarks inserted into positions at which data from the payroll will be placed, for example employee name,address,salary etc, then within EuroPayX you create a link which defines what data is to be sent and the name of the Word document. Word links can be used for sending standard letters to employees on a variety of topics such as pension, salary changes etc.