SEPA Update

The Single Euro Payments Area (SEPA) is a means by which electronic payments denominated in euro are to be standardised across Europe. SEPA is operational since 1 February 2014. The Revenue Commissioners have completed the necessary works to process electronic payments within the Single Euro Payments Area. An International Bank Account Number (IBAN) and a Bank Identifier Code (BIC) will now be required to make/receive euro electronic payments i.e. Direct Debits / Credit Transfers. Where customers have already provided bank account details, using sort code and account number, to make tax payments or receive tax refunds, […]

Employer Job Incentive Scheme

If you are an employer you can save money while giving to the community by creating a job. In fact, we had one lucky client who will save €3,225 over the next 18 months. Read on….. The Employer Job (PRSI) Incentive Scheme exempts employers from liability to pay their share of PRSI for certain employees. The scheme is open to employers who create new and additional jobs.To qualify for the Scheme both the job you create and the person you employ must meet certain criteria. If you qualify for the scheme you will be exempt from […]

Introduction to Payroll

The following is a brief introduction to payroll including how to register the business and employees, how best to operate a payroll system and details of what Revenue returns are required. Registering as an Employer The first step in registering employees is to register the business as an employer. This is usually done when first registering for tax by submitting either Form TR1 (sole-traders and partnerships) or Form TR2 (companies) to the local tax district. Tax registrations are now mostly completed online using the Revenue Online Service – ROS at www.revenue.ie .   Registering an Employee When employees […]