Tax changes

[dalymount]

I heard an add on radio something about tax changes,but I only caught the tail end of the add.starts 1st Jan anyway thats all I know,enter rat

[Shallowhal]

All will be announced on Oct 9th...Budget Day.

I know they're talking about increasing the threshold for middle income earners,where they become eligible to pay the higher rate of income tax.

[john m]

Ah Dollymount you must mean after Jan the 1st all government deps including revenue will wear Balaclavas after the resounding success the Gards had wearing them .

[dalymount]

Well I gathered from the add,that there is going to a new system payment methood, I dont really know as I said I didnt hear the whole add

[Rat Catcher]

No idea, DM. The cunts keep changing things. The last change of significance from our perspective was the introduction of the earned income credit in 2016... significant 'cos it can't be claimed on top of PAYE credit so, in our trade, generally only available to full time men.

[Rat Catcher]

^ I think they done something to ROS this year, I've noticed that form 11 wasn't pre-populated in a few cases, which is a bit of a nuisance.

[watty]

Don't think it affects us...

What is PAYE modernisation?

Overview

The PAYE Modernisation Project will involve the most significant reform of the PAYE system since its introduction in 1960. Employers will need to calculate and report their employees’ pay and deductions as they are being paid. This will make it easier to deduct and pay at the right time the correct amounts of:

    Income Tax
    Pay Related Social Insurance
    Universal Social Charge
    Local Property Tax.

The new real time reporting regime will be operational for all employee payments being made from 1 January 2019. Employers, agents and payroll providers will need to review their business processes and practices so they meet the new requirements.

PAYE modernisation will:

    improve the streamlining of current business processes
    reduce the administrative burden currently experienced by employers to meet their PAYE reporting obligations.

[dalymount]

Yeah thats the thing I was on about watty,so it doesnt effect us then

[john m]

Probably changing the VAT payment time to stop smugglers claiming back millions of non existing VAT  payments .

[Rat Catcher]

Most VAT loopholes have been closed, in fact all would be covered by general anti-avoidance provisions which disallow "any scheme or arrangement the main or sole purpose of which is the avoidance of tax".