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Showing posts from September, 2024

Understanding Revenue Payroll Notifications – RPN in Ireland

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  Revenue Payroll Notifications (RPN) are crucial for both employers and employees in Ireland’s payroll system. This blog will delve into various aspects of RPN, addressing common questions and misconceptions. Why is there no RPN for Employees? Revenue Payroll Notifications (RPN) are not directly provided to employees but are instead furnished to employers. The reason behind this is that the RPN contains detailed tax information that employers need to calculate the correct amount of tax to deduct from an employee’s pay. Employees do not need the RPN themselves as their primary concern is the net pay after deductions. However, they have access to similar information through their  payslips  and the Revenue’s online services. What is the RPN Tax? The RPN tax refers to the taxes calculated based on the details provided in the Revenue Payroll Notification. This document outlines how much tax should be deducted from an employee’s salary. It includes information on income tax, Universa
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Guide – Employment Wage Subsidy Scheme (EWSS) in Ireland

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The Employment Wage Subsidy Scheme (EWSS) is one of the most significant support measures introduced by the Irish government to help businesses navigate the economic challenges brought on by the COVID-19 pandemic. Designed to support employers in retaining employees during times of reduced business activity, the EWSS has been a lifeline for many companies across Ireland. This blog will explore everything you need to know about the EWSS, including its purpose, eligibility criteria, application process, payment rates, compliance requirements, and much more. 1. Overview of the Employment Wage Subsidy Scheme (EWSS) The EWSS was introduced as a successor to the Temporary Wage Subsidy Scheme (TWSS), which was implemented at the height of the pandemic. While the TWSS was primarily focused on providing immediate financial relief, the EWSS aims to offer more sustained support as businesses work towards recovery. The primary goal of the EWSS is to maintain the link between employers and employ
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Closing the Gap: Understanding the Gender Pay Gap in Ireland

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  The gender pay gap refers to the difference between the average hourly earnings of men and women. In Ireland, despite progress, achieving equal pay for equal work remains an ongoing challenge. This blog delves into the current state of the gender pay gap in Ireland, explores its causes, and examines initiatives aimed at achieving pay parity. The Numbers: Ireland’s Gender Pay Gap Ireland’s most recent national figures, from the Central Statistics Office’s Structure of Earnings Survey 2022, show a gender pay gap of 9.6%. This means men earned, on average, 9.6% more per hour than women. However, the picture is more complex when considering various factors. Sectoral Differences:  The gap varies significantly across sectors. The highest gap exists in finance, insurance, and real estate (24.7%), while education boasts the lowest (2.7%). Full-Time vs. Part-Time:  Interestingly, the gap flips for part-time workers. Here, women earn 6.9% more than men on ave
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The Impact of Artificial Intelligence on Financial Services

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The Impact of Artificial Intelligence on Financial Services Artificial Intelligence (AI) has become a game-changer across various industries, and the financial services sector is no exception. As we move further into the 21st century, AI's influence on finance is becoming increasingly profound, transforming everything from investment strategies to customer service. This blog explores the multifaceted impact of AI on financial and   Payroll services , focusing on three main areas: investment strategies, fraud detection, and customer service. AI and Investment Strategies AI's impact on investment strategies has been nothing short of revolutionary. Traditional investment methods often relied heavily on human intuition and manual analysis, but AI has introduced a new level of precision and efficiency. Machine learning algorithms can analyze vast amounts of data far quicker than any human could, identifying patterns and trends that might not be immediately obvious. Algorithm
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Popular posts from this blog

What are Ireland's Payroll Deduction Requirements?

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As legislation continues to become increasingly complex in Ireland, employers face severe challenges to remain up-to-date on employment legislation and payroll issues. Employers have to face heavy fines, penalties and interests if they do not ensure that their payroll is functioning efficiently and cost-effectively. There are certain statutory deductions in Ireland for payroll such as PRSI, PAYE and USC which now appears that employers will also be obliged to deduct the new property tax from the gross pay of their employees. These taxes are the single largest source of revenue for the government so it is necessary to administer the processing of payroll. Employment in Ireland is precise and detailed. In recent years many businesses from across the globe including many tech-based companies have established their base in Ireland due to a relatively low corporate tax rate of 12.5%. Outsource your payroll related service to companies li
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How Can Bookkeepers Save You Money and Headaches

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Having a business requires a lot of administration from management to marketing, sales and accounting- if you are in business your time is stretched in looking at the nitty-gritty of all the important tasks. If this sounds familiar, all you need is a breathing space that will require you to delegate the authority to someone else. While being new to the business, cash flow can be a challenge but you will need to understand the importance of your time that can be used in bringing new clients, expanding your services or products which can launch you into the next stage of business growth bringing breakthrough in your business. If you aren’t natural with numbers hiring a bookkeeper or outsourcing your bookkeeping service is the most advisable. How? It is fairly self-evident that hiring a bookkeeper means your finances are handled by a professional who will manage and keep track of each financial transaction better than you. Your records will be well organized and accurate which will exped
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What Are The Differences Between Bookkeeping And Accounting?

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Does your firm need accounting and bookkeeping services? Accounting and Bookkeeping are two major financial functions that are extremely important for any business organization. In the simplest of simple terms, we can define bookkeeping as the recording of financial transactions whereas accounting gives you a clearer picture of interpreting, analysing, classifying, reporting and summarizing of financial data. For laymen bookkeeping and accounting can appear to be the same because both deal with the financial data with basic accounting knowledge, classify and generate reports using the financial transactions. At the same time, bookkeeping and accounting are inherently different and have their own set of characteristics and advantages. Let’s understand the functional difference between bookkeeping and accounting. Bookkeeping is the process of recording, storing, retrieving financial transactions of a small, medium or large company, non-profit organization, an individual person etc. T
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