With imminent changes to benefits legislation around the corner, it is reassuring to learn that P.A.S. Ltd have already developed a payrolling of benefits module that is being used in the Republic of Ireland.
The module takes the total annual benefits figures from the P11D Organiser and splits these into earnings periods as employees’ additional notional pay. A feed of this information can then be submitted to a payroll system.
The payroll module has the facility to allocate the appropriate payroll ledger code per benefit type to ensure that notional pay feeds are subject to the correct tax and National Insurance through the payroll.
If an employee’s benefit provisioning changes in-year, the following month’s notional pay figures will contain either a positive or negative adjustment to reflect that change.
The payroll module is also capable of producing a notional pay statement. This statement is for employee’s to understand how that earning period’s notional pay figures have been worked out. This form should be used in conjunction with the Benefits Statement which contains fuller information of how all of the employee’s cash equivalents have been calculated. Please Contact Us to learn more about the Payrolling Module.
More Info
Official Interest Rate reduced to 4.0% for the 2010/2011 tax year
The Official Interest Rate has been changed to 4.00% with effect from 6 April 2010
March 2010 Newsletter
Find out what changes were announced in the Budget for the 2010/2011 tax year