HLB Ireland's newsletter is an essential resource for staying informed and compliant with the latest payroll and tax regulations. Don't miss out on this opportunity to enhance your understanding and prepare your business for the upcoming changes.

In this edition, you will learn about:

• Auto-Enrolment Update: The Auto-Enrolment Retirement Savings System, launching in January 2025, represents a significant shift in pension savings for employees not currently contributing to a pension. Under this new scheme, contributions will be made by the employee, employer, and the Government, with an option for employees to opt-out after six months.
• Enhanced Reporting Requirements (ERR): Starting 1 January 2024, new reporting requirements necessitate electronic notification to Revenue for certain types of non-tax-deducted payments. Being proactive in complying with these requirements will help you avoid penalties.
• Gender Pay Gap Reporting Requirements: In June 2024, Irish organisations employing 150 or more must report their gender pay gaps by December.
• PRSI Updates: Effective October 2024, the government will implement a 0.1% PRSI rate increase, part of a cumulative 0.7% rise over five years, alongside rising minimum contributions for certain self-employed individuals from €500 to €650. 
• Employment Regulation Order (ERO) for Contract Cleaning Industry: Following Minister for Business, Employment and Retail, Emer Higgins’ approval, new pay rates for the contract cleaning sector will be effective from 1 June 2024.

Please contact Adrian Barrett or Maura Duffy on our partner-led outsourcing and payroll team for further information.