P60 format Changed for 2012

Revenue have issued a new P60 format for 2012 which can be seen using the following link

http://www.ros.ie/PublisherServlet/offlineapps?language=en&languageSelect=en#Publications

and scrolling down to the P60 Section.

Employers will need to be careful when issuing P60's as the employees address no longer appears. It will also cause problems for employers who post P60's as address labels will now need to be used. In our EuroPayX payroll product it is possible to email P60's direct to the employees. Ardbrook will try to include the address on the P60 and to get it Revenue approved.

Other changes to the P60 include

• the amount of taxable illness benefit is now shown
• Flag to indicate if USC amount was deducted or refunded
• Previous employment Pay for USC
• Employers email address no longer shown

Budget 2013 Troika calls for €1.25 in new taxes!

A report on the seventh review on the terms of Ireland’s EU-International Monetary Fund bailout, which was published this afternoon, states that revenue measures to raise at least €1.25 billion in the Budget will also include 

Budget 2013 Toughest Ever?

The Taoiseach Enda Kenny warned last night that the coming budget will the the toughest yet with a package of cuts and tax increases. December's Budget will be a €3.5bn package, with €2.25bn coming from cuts, and a further €1.25bn in extra taxes.

There is also disagreement between the coalition parties on whether PRSI charges should be increased or social welfare payments reduced to cover a deficit in the social welfare fund of  €2.2bn.

Bank Modulus Check Updates as over 130 Bank Branches Close

With the proposed closing of over 130 bank branches, updates to the Ardbrooks Bank Modulus Checker routine ( validates bank account numbers ) will be fairly frequent over the next 12 months as bank accounts are moved from one branch to another. This is especially true in the case of AIB bank accounts as their validation links the bank account number to the sort code which will change as branches close.

New Format PPSNs

New format PPSNs will be issued for new applicants with effect from 1^st January 2013. The format of these numbers will be 9 characters i.e. 7 numeric followed by 2 alpha characters with the second alpha character being A e.g. 1234567SA. 

Revenue Reduces Administrative Burden on Business by 25%?

A report published by Revenue on the 18th July 2012 shows that Revenue has reduced the administrative burden on businesses by 25%, saving businesses over €85 million a year.