Jobs Initiative May 2011

The Minister for Finance, Michael Noonan, announced the Jobs Initiative on 11 May last which is designed to stimulate job creation. It includes the following measures in relation to business and employment taxes:   Abolition of employers PRSI on share based remuneration Temporarily halving the lower rate of employers PRSI for certain employees Amending the R&D tax credit regime to enhance flexibility in how companies account for the tax credit Temporarily reducing the 13.5% VAT rate to 9% in respect of tourism related services .   Employers PRSI . Share based remuneration The Finance Act 2011 […]

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 […]

Employer Job (PRSI) Incentive Scheme

If an employer hires a new employee during 2010 and that employee meets the qualifying criteria, then the employer will not have to pay employers PRSI in respect of that employee for one year. The rate of employers PRSI is either 8.5% or 10.75% of the employee’s gross pay. The scheme can cover employees already hired since the start of 2010 as well as any hired before the end of 2010. The main criteria are that the job must be a new position of at least 30 hours work per week, that the new employee must […]