Come January 2024, Ireland's businesses will face a new reality in payroll reporting. The Enhanced Reporting Requirements (ERR) call for a detailed account of various employee benefits. But which ones, and how does this affect your day-to-day operations?
ERR targets a range of benefits—think remote working allowances, travel and subsistence expenses, and perks covered under the small benefit exemption. For employers, this means a closer look at these benefits, not as occasional add-ons but as integral parts of compensation that need diligent tracking and timely reporting.
Reporting frequency is set to increase, aligning closely with the payroll cycle. This could translate to monthly, or even fortnightly, disclosures for some businesses, significantly intensifying the administrative workload.
Employers must now keep tabs on the type of benefit, its value, the grant date, and the beneficiary—information that must be error-free and reported without delay. This calls for upgraded systems and processes, or potentially a trusted partner like RDA Accountants to ensure seamless compliance.
If you would like to find out more about how RDA can help with your payroll needs, call us today on 053 9170507, or email Valerie firstname.lastname@example.org / Yvonne email@example.com. Our dedicated payroll team are always on hand to answer any queries you may have.
Take our payroll quiz now to find out if you will "Be Payroll Smart in 2024".