Tag: Ireland

The holiday season is fast approaching, and we all know what that means: twinkly lights, festive cheer, and… payroll challenges galore! While the holidays are a time of celebration, they can also be a time of increased stress and pressure for payroll departments. We’ve put together a Holiday Survival Guide, designed to help you navigate this hectic time of year, without the added stress. Let’s dive in!

 

Managing Operational Efficiency

Plan and Prepare Early: Start preparations well in advance. Create a detailed timeline outlining crucial dates, deadlines, and tasks to ensure a smooth payroll process during the holiday season.

Organise Scheduling Challenges: Adjusting payroll schedules due to bank holidays, early office closures, or modified work hours will be necessary during the festive season. Make sure the team is aware and appropriate cover is in place.

Plan for Staff Shortages: With team members taking time off, ensure you have contingency plans in place. Cross-train employees/colleagues to fill in during absences. Leverage on-demand payroll support to bring in experienced payroll professionals as needed.

 

Organising a Seasonal Workforce

Recruitment Plans: If your business hires temporary payroll staff for the holiday season, ensure your recruitment and onboarding plans are in place well in advance.

Training and Support: Make sure seasonal employees/colleagues are well-informed and have access to the same support as the permanent staff in your team.

Payroll Support: Consider on-demand payroll support, to ensure accurate and timely onboarding, processing and offboarding of seasonal workers.

 

Holiday Pay and Tax Matters

Know the Rules: Ensure your team understand the legal requirements for holiday pay and overtime. Familiarise yourself with any changes in employment law that might affect holiday pay.

Audit and Check the Details: Double-check your payroll for any mistakes. Review holiday pay rates, bonuses, and deductions to ensure accuracy, errors in holiday pay can lead to disgruntled employees.

 

Communication

Clear communication: Communicate effectively with employees about holiday schedules, deadlines for submissions, and any changes in payroll processes. Make sure they understand the procedures for requesting time off, bonuses, or any adjustments.

Employee Query Support: Consider external support to assist with payroll-related queries. Ensuring employees are paid correctly and promptly while resolving any payroll queries can be a significant responsibility during the holiday season.

 

Resource Flexibility

Payroll Support: The holiday season often requires additional payroll resources, but hiring full-time staff can be costly and inefficient. Leverage on-demand payroll support to bring in experienced payroll professionals as needed.

Workforce Flexibility: Ensure you have a flexible workforce strategy that can be easily adjusted according to demand.

 

The holiday season should be a joyful and relaxing time for everyone, including HR, finance & payroll teams. By preparing in advance, utilising the right tools and services, and having a clear plan in place, you can breeze through the season without the usual stress and chaos.

As always, we are here to support you in your payroll journey. If you have any questions, need further information, or wish to explore how CR Payroll can assist your specific needs, please don’t hesitate to get in touch.

At nam minimum ponderum. Est audiam animal molestiae te. Ex duo eripuit mentitum. Et has minim elitr intellegat. Mea aeterno eleifend antiopam ad, nam no suscipit quaerendum. At nam minimum ponderumEx duo eripuit mentitum.Et has minim elitr intellegat. Mea aeterno eleifend antiopam ad, nam no suscipit quaerendum. At nam minimum ponderumEx duo eripuit mentitum.Et has minim elitr intellegat. At nam minimum ponderum. Est audiam animal molestiae te. Ex duo eripuit mentitum.Et has minim elitr intellegat. Mea aeterno eleifend antiopam ad, nam no suscipit quaerendum. At nam minimum ponderumEx duo eripuit mentitum. Et has minim elitr intellegat. Mea aeterno eleifend antiopam ad, nam no suscipit quaerendum. At nam minimum ponderumEx duo eripuit mentitum. Et has minim elitr intellegat. At nam minimum ponderum. Est audiam animal molestiae te. Ex duo eripuit mentitum.Et has minim elitr intellegat. Mea aeterno eleifend antiopam ad, nam no suscipit quaerendum. At nam minimum ponderumEx duo eripuit mentitum.Et has minim elitr intellegat. Mea aeterno eleifend antiopam ad, nam no suscipit quaerendum.

At nam minimum ponderumEx duo eripuit mentitum. Et has minim elitr intellegat. At nam minimum ponderum. Est audiam animal molestiae te. Ex duo eripuit mentitum. Et has minim elitr intellegat. Mea aeterno eleifend antiopam ad, nam no suscipit quaerendum. At nam minimum ponderum Ex duo eripuit mentitum.Et has minim elitr intellegat. Mea aeterno eleifend antiopam ad, nam no suscipit quaerendum. At nam minimum ponderumEx duo eripuit mentitum. Et has minim elitr intellegat.

At nam minimum ponderum. Est audiam animal molestiae te. Ex duo eripuit mentitum. Et has minim elitr intellegat. Mea aeterno eleifend antiopam ad, nam no suscipit quaerendum. At nam minimum ponderumEx duo eripuit mentitum.Et has minim elitr intellegat. Mea aeterno eleifend antiopam ad, nam no suscipit quaerendum. At nam minimum ponderumEx duo eripuit mentitum.Et has minim elitr intellegat. At nam minimum ponderum. Est audiam animal molestiae te. Ex duo eripuit mentitum.Et has minim elitr intellegat. Mea aeterno eleifend antiopam ad, nam no suscipit quaerendum. At nam minimum ponderumEx duo eripuit mentitum. Et has minim elitr intellegat. Mea aeterno eleifend antiopam ad, nam no suscipit quaerendum. At nam minimum ponderumEx duo eripuit mentitum. Et has minim elitr intellegat. At nam minimum ponderum. Est audiam animal molestiae te. Ex duo eripuit mentitum.Et has minim elitr intellegat. Mea aeterno eleifend antiopam ad, nam no suscipit quaerendum.

Further reading

• Est audiam animal molestiae te. Est audiam animal molestiae te
• Est audiam animal molestiae te. Est audiam animal molestiae te
• Est audiam animal molestiae te. Est audiam animal molestiae te
• Est audiam animal molestiae te. Est audiam animal molestiae te
• Est audiam animal molestiae te. Est audiam animal molestiae te

The Irish Budget for 2024 was announced on Tuesday, October 10, 2023. The budget will see adjustments to income tax, Universal Social Charge (USC), PRSI rates, company car benefits, and the national minimum wage.

Below, we explore the key changes announced in Budget 2024 and what they mean for the world of payroll. Understanding how these changes will influence your payroll operations is vital, to ensure your organisation is compliant and your employees are compensated accurately.

 

Income Tax

Income tax rates will stay the same (at 20% and 40%), but there will be increases to tax credits and changes to the income tax bands in 2024.

The standard rate tax band (the amount you can earn before you start to pay the higher rate of tax) will be increased by €2,000 to €42,000 for a single person, with proportionate increases for married couples and civil partners.

The following tax credits will increase by €100 to €1,875:

• Personal Tax Credit
• Employee Tax Credit
• Earned Income Tax Credit

The increases to the standard rate tax bands and tax credits will come into effect from 1st January 2024. Revenue Payroll Notifications (RPNs) for 2024 will be available from Revenue in early December 2023.

 

Universal Social Charge (USC)

The ceiling for the 2% Universal Social Charge (USC) band will increase by €2,840 from €22,920 to €25,760 from 1 January 2024. This ensures that employees who receive the new national minimum wage for a 39 hour week remain on the lower rate scale for USC

The 4.5% USC rate that currently applies to income between €22,900 and €70,044, will be reduced to 4% from 1 January 2024. The 4% rate will apply to income between €25,761 and €70,044.

The changes to the USC rate bands will come into effect from 1st January 2024. Revenue Payroll Notifications (RPNs) for 2024 will be available from Revenue in early December 2023.

 

PRSI (rise effective 1st October, 2024)

All PRSI rates will increase by 0.1% on 1 October 2024.

Advance notice of an increase in pay-related social insurance (PRSI) has been given. This will come into effect from 1st October, 2024. All PRSI rates will increase by 0.1% on 1 October 2024.

The increases to PRSI rates will come into effect from 1st October 2024.

 

Company car benefit-in-kind tax

The following will apply for BIK on employer-provided vehicles for 2024:

A reduction of €10,000 will apply to the original market value (OMV), to reduce the amount of BIK payable, for all cars in Category A,B,C and D (not E) and all vans.

The current reduction of €35,000 in OMV will continue to apply for all electric vehicles.

The lower mileage limit in the highest mileage band which applies to employer-provided cars will remain at 48,000.

For 2025, 2026 and 2027, the reductions in the OMV for electric vehicles will be €35,000, €20,000 and €10,000 respectively.

These changes will come into effect from 1st January 2024.

 

National Minimum Wage

The national minimum wage will increase by €1.40 to €12.70 per hour.

The increase in the national minimum wage will come into effect from 1st January 2024.

 

 

Full details of the measures can be found in Revenue’s Budget 2024 Summary and Government of Ireland’s Guide to Budget 2024.

If you would like to talk to us in more detail about how we can support your payroll process, please feel free to get in touch.

The above is our interpretation of the upcoming changes announced on Tuesday, 10^th October 2023, it is not intended to constitute tax, financial, or legal advice. Some elements of these measures may change when the legislation required to bring them into effect is enacted.

At nam minimum ponderum. Est audiam animal molestiae te. Ex duo eripuit mentitum. Et has minim elitr intellegat. Mea aeterno eleifend antiopam ad, nam no suscipit quaerendum. At nam minimum ponderumEx duo eripuit mentitum.Et has minim elitr intellegat. Mea aeterno eleifend antiopam ad, nam no suscipit quaerendum. At nam minimum ponderumEx duo eripuit mentitum.Et has minim elitr intellegat. At nam minimum ponderum. Est audiam animal molestiae te. Ex duo eripuit mentitum.Et has minim elitr intellegat. Mea aeterno eleifend antiopam ad, nam no suscipit quaerendum. At nam minimum ponderumEx duo eripuit mentitum. Et has minim elitr intellegat. Mea aeterno eleifend antiopam ad, nam no suscipit quaerendum. At nam minimum ponderumEx duo eripuit mentitum. Et has minim elitr intellegat. At nam minimum ponderum. Est audiam animal molestiae te. Ex duo eripuit mentitum.Et has minim elitr intellegat. Mea aeterno eleifend antiopam ad, nam no suscipit quaerendum. At nam minimum ponderumEx duo eripuit mentitum.Et has minim elitr intellegat. Mea aeterno eleifend antiopam ad, nam no suscipit quaerendum.

At nam minimum ponderumEx duo eripuit mentitum. Et has minim elitr intellegat. At nam minimum ponderum. Est audiam animal molestiae te. Ex duo eripuit mentitum. Et has minim elitr intellegat. Mea aeterno eleifend antiopam ad, nam no suscipit quaerendum. At nam minimum ponderum Ex duo eripuit mentitum.Et has minim elitr intellegat. Mea aeterno eleifend antiopam ad, nam no suscipit quaerendum. At nam minimum ponderumEx duo eripuit mentitum. Et has minim elitr intellegat.

At nam minimum ponderum. Est audiam animal molestiae te. Ex duo eripuit mentitum. Et has minim elitr intellegat. Mea aeterno eleifend antiopam ad, nam no suscipit quaerendum. At nam minimum ponderumEx duo eripuit mentitum.Et has minim elitr intellegat. Mea aeterno eleifend antiopam ad, nam no suscipit quaerendum. At nam minimum ponderumEx duo eripuit mentitum.Et has minim elitr intellegat. At nam minimum ponderum. Est audiam animal molestiae te. Ex duo eripuit mentitum.Et has minim elitr intellegat. Mea aeterno eleifend antiopam ad, nam no suscipit quaerendum. At nam minimum ponderumEx duo eripuit mentitum. Et has minim elitr intellegat. Mea aeterno eleifend antiopam ad, nam no suscipit quaerendum. At nam minimum ponderumEx duo eripuit mentitum. Et has minim elitr intellegat. At nam minimum ponderum. Est audiam animal molestiae te. Ex duo eripuit mentitum.Et has minim elitr intellegat. Mea aeterno eleifend antiopam ad, nam no suscipit quaerendum.

Further reading

• Est audiam animal molestiae te. Est audiam animal molestiae te
• Est audiam animal molestiae te. Est audiam animal molestiae te
• Est audiam animal molestiae te. Est audiam animal molestiae te
• Est audiam animal molestiae te. Est audiam animal molestiae te
• Est audiam animal molestiae te. Est audiam animal molestiae te

Winter can often bring a series of challenges for businesses, particularly when it comes to payroll management. The cold months can lead to various disruptions, from staff absences due to seasonal illnesses, to weather-related closures and absences. We explore the potential payroll disruptions that winter can bring, examine their impact on businesses, and discuss how the correct contingency plan can help to mitigate these disruptions

Understanding Seasonal Payroll Disruptions

Payroll disruptions can occur for various reasons, and they are rarely foreseen or planned for. Some common causes of disruptions to payroll operations during the winter months include:

• Seasonal Illnesses – The winter season often coincides with a spike in illnesses like the flu. When payroll employees fall ill, they may require sick leave or extended time off. This shortage of payroll staff can severely disrupt the payroll process, leading to delays and errors in payroll processing.
• Weather Disruptions – Severe weather conditions, including snowstorms and heavy rainfall, can lead to office closures and transportation disruptions. This can result in payroll employees being unable to make it to work, or offices temporarily shutting down. Ensuring that payroll processing continues uninterrupted during such disruptions is crucial.
• Employee Time Off – As the year draws to a close, employees often request time off to celebrate with their loved ones. Managing these holiday requests, and ensuring accurate leave balances can be daunting, especially if your workforce is large.
• Holiday Pay – Ensuring employees are paid correctly for working on public holidays is essential. As the winter months roll around, public holidays such as Christmas and New Year’s Day, must be accurately calculated to prevent overpayments, underpayments, and discrepancies.
• Seasonal Workers – Many businesses hire seasonal workers to cope with increased demand during the holidays. Onboarding, processing, and offboarding these employees can be overwhelming for payroll teams.
• Year-End Bonuses – Many companies provide year-end bonuses as a token of appreciation to their employees. Calculating and processing these bonuses can be time-consuming, especially if they vary based on performance.
• Year-End Reporting and Deadlines – As the year draws to a close, businesses face the daunting task of preparing year-end reports and ensuring timely submissions to tax authorities. Staff shortages or time-off requests can make meeting these deadlines a challenge.

The Impact of Payroll Disruptions

Payroll disruptions can have significant implications for organisations, the impact of which go far beyond just operational inconveniences. Here are some key ways in which the effects of payroll disruptions can be felt across the entire organisation:

• Legal and Regulatory Consequences – Payroll disruptions can lead to compliance failures, resulting in legal consequences, fines, and penalties. This not only affects the organisation’s finances, but also its reputation with regulatory authorities.
• Financial Implications – Errors in payroll calculations can lead to delayed payments, overpayments or underpayments, causing financial strain on both employees and the company.
• Operational Efficiency – The effects from payroll disruptions impact HR, Finance and overall business operations. Employees who are not paid accurately or on time may become less productive or engaged, especially in the lead up to the holidays. This, in turn, affects the organisation’s operational efficiency and can lead to missed deadlines or project delays.
• Resource Allocation – Dealing with payroll disruptions requires the allocation of resources, both in terms of time and finances. Businesses must decide how to allocate resources to address the immediate issue, while also preventing future disruptions.
• Employee Morale and Retention – Employee morale can be significantly impacted by payroll disruptions, particularly in the lead up to the holidays. Businesses must address the financial and emotional toll this can take on employees, as low morale can lead to higher turnover rates and difficulty attracting top talent.
• Reputation Management – A disrupted payroll process can damage the organisation’s reputation both internally, and externally. It can damage employee trust, causing them to question the organisation’s reliability and competence. It can also affect the perception of the company on potential employees, customers, and investors.

Strategies to Ensure Payroll Continuity

Safeguarding payroll operations against disruptions is crucial for maintaining business continuity, and ensuring employees are paid accurately and on time. Below we’ve detailed some practical steps to safeguard payroll operations against disruptions, or you can check out our webinar Mitigating Payroll Risks: Safeguarding Against Unexpected Payroll Disruptions.

Risk Assessment

✔ Identify Potential Risks: Begin by conducting a thorough risk assessment to identify potential threats to your payroll operations. This includes internal and external factors like staff shortages, weather related closures, technical issues, and regulatory changes.

✔ Prioritise Risks: Not all risks are equal. Prioritise them based on their potential impact on payroll operations and the likelihood of occurrence. Focus on addressing high-impact, high-probability risks first.

✔ Regular Reviews: Payroll risk assessment should be an ongoing process. Regularly review and update your risk assessment to adapt to changing circumstances and emerging threats.

Contingency Planning

✔ Develop a Contingency Plan: Create a detailed contingency plan that outlines the steps to take when a disruption occurs. This plan should cover various scenarios, from minor disruptions to major crises.

✔ Roles and Responsibilities: Clearly define the roles and responsibilities of individuals involved in payroll continuity. Assign tasks, such as communication, data recovery, and payroll processing, to specific team members.

✔ Alternative Payroll Processes: Identify alternative payroll processes that can be implemented during disruptions. This may involve manual payroll processing, cloud-based solutions, or working with a payroll partner.

Communication Plans

✔ Stakeholder Communication: Develop a communication plan outlining how you will keep employees, management, and relevant authorities informed during disruptions. Ensure that there is a designated spokesperson for payroll-related updates.

✔ Emergency Contacts: Maintain an updated list of emergency contacts, including key personnel, vendors, and service providers who can assist with payroll continuity.

Testing and Training

✔ Testing: Regularly conduct exercises or drills to test your contingency plan. These exercises help identify weaknesses and areas for improvement.

✔ Training: Ensure that your payroll team is well-trained in implementing the contingency plan. Provide training on new processes and technologies that may be required during disruptions.

Document Everything

✔ Documentation: Maintain comprehensive documentation of all payroll processes, including contingency plans, risk assessments, and communication logs. Documentation is invaluable during and after disruptions for post-incident analysis.

Continuous Improvement

✔ Post-Incident Analysis: After a disruption, conduct a thorough post-incident analysis to identify what worked well and what needs improvement. Use this feedback to refine your contingency plan.

✔ Annual Reviews: Schedule annual reviews of your contingency plan and risk assessments to ensure they remain relevant and effective.

By implementing these strategies and regularly reviewing and updating your contingency plan, you can minimise the impact of disruptions on your payroll operations and maintain business continuity all year round.

CR Payroll offer On-Demand & Emergency Payroll Cover solutions tailored to your business needs, helping you to navigate disruptions with ease, and ensuring payroll continuity. We provide immediate support, expertise, and risk mitigation, ensuring that your organisation can endure unexpected payroll disruptions with confidence.

For more information on how we can help your organisation to futureproof your payroll function, please feel free to get in touch.

At nam minimum ponderum. Est audiam animal molestiae te. Ex duo eripuit mentitum. Et has minim elitr intellegat. Mea aeterno eleifend antiopam ad, nam no suscipit quaerendum. At nam minimum ponderumEx duo eripuit mentitum.Et has minim elitr intellegat. Mea aeterno eleifend antiopam ad, nam no suscipit quaerendum. At nam minimum ponderumEx duo eripuit mentitum.Et has minim elitr intellegat. At nam minimum ponderum. Est audiam animal molestiae te. Ex duo eripuit mentitum.Et has minim elitr intellegat. Mea aeterno eleifend antiopam ad, nam no suscipit quaerendum. At nam minimum ponderumEx duo eripuit mentitum. Et has minim elitr intellegat. Mea aeterno eleifend antiopam ad, nam no suscipit quaerendum. At nam minimum ponderumEx duo eripuit mentitum. Et has minim elitr intellegat. At nam minimum ponderum. Est audiam animal molestiae te. Ex duo eripuit mentitum.Et has minim elitr intellegat. Mea aeterno eleifend antiopam ad, nam no suscipit quaerendum. At nam minimum ponderumEx duo eripuit mentitum.Et has minim elitr intellegat. Mea aeterno eleifend antiopam ad, nam no suscipit quaerendum.

At nam minimum ponderumEx duo eripuit mentitum. Et has minim elitr intellegat. At nam minimum ponderum. Est audiam animal molestiae te. Ex duo eripuit mentitum. Et has minim elitr intellegat. Mea aeterno eleifend antiopam ad, nam no suscipit quaerendum. At nam minimum ponderum Ex duo eripuit mentitum.Et has minim elitr intellegat. Mea aeterno eleifend antiopam ad, nam no suscipit quaerendum. At nam minimum ponderumEx duo eripuit mentitum. Et has minim elitr intellegat.

At nam minimum ponderum. Est audiam animal molestiae te. Ex duo eripuit mentitum. Et has minim elitr intellegat. Mea aeterno eleifend antiopam ad, nam no suscipit quaerendum. At nam minimum ponderumEx duo eripuit mentitum.Et has minim elitr intellegat. Mea aeterno eleifend antiopam ad, nam no suscipit quaerendum. At nam minimum ponderumEx duo eripuit mentitum.Et has minim elitr intellegat. At nam minimum ponderum. Est audiam animal molestiae te. Ex duo eripuit mentitum.Et has minim elitr intellegat. Mea aeterno eleifend antiopam ad, nam no suscipit quaerendum. At nam minimum ponderumEx duo eripuit mentitum. Et has minim elitr intellegat. Mea aeterno eleifend antiopam ad, nam no suscipit quaerendum. At nam minimum ponderumEx duo eripuit mentitum. Et has minim elitr intellegat. At nam minimum ponderum. Est audiam animal molestiae te. Ex duo eripuit mentitum.Et has minim elitr intellegat. Mea aeterno eleifend antiopam ad, nam no suscipit quaerendum.

Further reading

• Est audiam animal molestiae te. Est audiam animal molestiae te
• Est audiam animal molestiae te. Est audiam animal molestiae te
• Est audiam animal molestiae te. Est audiam animal molestiae te
• Est audiam animal molestiae te. Est audiam animal molestiae te
• Est audiam animal molestiae te. Est audiam animal molestiae te