Government Announce €3.8bn in cuts and tax increases in Budget 2012
The Government announced on Friday that spending cuts and tax increases totalling €3.8 billion will be introduced in Decembers budget. €1.6bn will be in the form of tax increases, however the Minister for Finance Michael Noonan has stated that there will be no changes to income tax rates, bands or credits next year, with revenues coming from other sources. Changes to the VAT rate, property charges including the €100 household charge and carbon charges were possible areas for taxation, the Minster said yesterday.
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 […]
Budget Day 2012 Announced
It has been announced that the Irish Budget 2012 will be on Tuesday 6th December 2011.
Change to calculation of Universal Social Charge from 2012 Announced
Revenue today announced a change in the method of calculation of the Universal Social Charge. From January 2012 it will be calculated on a cumulative basis as per PAYE. USC thresholds will be managed in the same way as Cut-off points are for PAYE. Follow the link below for further information
http://www.revenue.ie/en/practitioner/ebrief/2011/no-542011.html
PRSI Refunds – Share based Remuneration/PRSA’s
This sets out the arrangements for refund of PRSI paid on certain share-based remuneration. These arrangements may also be availed of in respect of PRSI incorrectly deducted and remitted in the 2011 tax year, on employer contributions to their employees’ Personal Retirement Savings Accounts (PRSAs).
SHARE-BASED REMUNERATION – EMPLOYER PRSI
As set out in the Minister for Social Protection’s statement of 23 August 2011, employers should cease deducting and remitting employer PRSI on share-based remuneration with immediate effect. Where employer PRSI on share-based remuneration has been deducted and remitted since 1 January 2011, a refund of PRSI may now be due.
SHARE […]
Press Release on SHARE BASED REMUNERATION
The Minister for Social Protection, Joan Burton T.D., today (23rd August) announced that employers should cease deducting and remitting employer PRSI on share-based remuneration, with immediate effect. The previous Government imposed employer and employee PRSI on all share-based remuneration. As part of this Government’s Jobs Initiative announced in May of this year, it was decided to abolish the employer element of PRSI on share-based remuneration entirely. This decision recognises that this charge on employers needlessly increased the costs of doing business in Ireland and has the potential to negatively affect current employment levels and future investment decisions. As […]
Latest News on Share Option Schemes
During a meeting this morning with the Department of Social Protection it has been stated that the law has yet to be enacted to change the way share option schemes are calculated. This means that for the present share option schemes should be calculated with employers PRSI where applicable and that no refunds may made.
The Department of Social Protection (DSP) remind everyone of the following with respect to Share-based Remuneration.
1 The regulations to cater for the changes announced in March 2011, whereby schemes that were signed off between an employee and employer prior to 1 January 2011 are […]
Irish Payroll (A History of PAYE)
Pay As You Earn (PAYE) is the name given to the income tax system for employees in Ireland and was introduced on 6 October, 1960.The evolution of PAYE over the past 50 years is also the history of Irish payroll systems from paper to computers.
Devised by Sir Paul Chambers, PAYE was introduced into the UK in 1944 following trials in 1940 and 1941. The financial strain that the Second World War placed upon the UK meant that it needed to collect more tax from more people.
PAYE in Ireland applies to earnings of all kinds arising from employment, including […]
Latest PRSI Notes
For details on the operation of PRSI from 2nd July 2011, please consult the Department of Social Protection (DSP) website at http://www.welfare.ie/ and in particular the Advanced Notice of PRSI Rates at http://www.welfare.ie/EN/Publications/Advance_jul2011/Documents/anprsi2011_july.pdf
SEPA (Single Euro Payments Area) Ready Software from Ardbrook
The first thing to say is that Ardbrook software is SEPA ready. So, if you want to move today from your current EMTS payments to SEPA payments we can help with the transition.
What is SEPA?
The Single Euro Payments Area (SEPA) is made up of all the EU member states, as well as Iceland, Norway, Switzerland and Liechtenstein. It is an area in which you can make and receive payments in euro, under the same basic conditions, rights and obligations, regardless of their location, whether within or across national boundaries.
The consumer will be the major beneficiary of SEPA, which […]