Payback Version 2020.03

New Features

  • New PMOD Reconcile report for reconciliation of year end figures
  • Revenue>Submit screen now has a new tab called Reconcile

Budget Changes

IMPORTANT: The PRSI Rates from 1 February 2020 have changed. Any version prior to 2020.03 may have incorrect rates for pay dates after 1 February. We were informed of this change by the Department of Welfare on 24 Dec 2019.

PRSI
The Class A employer PRSI threshold will increase from €386 to €395 effective from 1 February 2020. As a result of this change Classes AX and AL will have different thresholds within 2020.

 


Payback Version 2020.02

(Second Pre-release version)

Bug Fix

Revenue>Submission screen
A run time error 3265 would appear in the submission screen if there were any unprocessed leavers. This has now been fixed.

 


Payback Version 2020.01

(Pre-release version)

PMOD Changes

  • New PMOD PayPeriod element added

Budget Changes

PAYE
There were no PAYE changes for 2020 in the Budget. All PAYE rates stay the same.

PRSI
Employer contributions for Class A and Class H have increased by 0.1% Employer and Employee contributions for all other classes stay the same.

 

USC
New USC Rates can be found here: https://www.revenue.ie/en/jobs-and-pensions/usc/standard-rates-and-thresholds-of-usc.aspx

The standard rates of Universal Social Charge are:
2015 Rate 2016 Rate 2017 Rate 2018 Rate 2019 & 2020 Rate
On the first €12,012 1.5% On the first €12,012 1% On the first €12,012 0.5% On the first €12,012 0.5% On the first €12,012 0.5%
On the next €5,564 3.5% On the next €6,656 3% On the next €6,760 2.5% On the next €7,360 2% On the next €7,862 2%
On the next €52,468 7% On the next €51,376 5.5% On the next €51,272 5% On the next €50,672 4.75% On the next €50,170 4.5%
On the balance 8% On the balance 8% On the balance 8% On the balance 8% On the balance 8%

 

The Reduced rates of Universal Social Charge are:
2011 & 2012 2013 & 2014 2015 2016 2017

2018, 2019 & 2020

Individual aged 70 years or over. Individuals aged 70 years or over whose aggregate income for the year is €60,000 or less. Individuals aged 70 years or over whose aggregate income for the year is €60,000 or less. Individuals aged 70 years or over whose aggregate income for the year is €60,000 or less. Individuals aged 70 years or over whose aggregate income for the year is €60,000 or less. Individuals aged 70 years or over whose aggregate income for the year is €60,000 or less.
Individuals who hold a full medical card (regardless of age). Individuals (aged under 70) who hold a full medical card whose aggregate income for the year is €60,000 or less. Individuals (aged under 70) who hold a full medical card whose aggregate income for the year is €60,000 or less. Individuals (aged under 70) who hold a full medical card whose aggregate income for the year is €60,000 or less. Individuals (aged under 70) who hold a full medical card whose aggregate income for the year is €60,000 or less. Individuals (aged under 70) who hold a full medical card whose aggregate income for the year is €60,000 or less.
2% - on the first €10,036 2% - on the first €10,036 1.5% - on the first €12,012 1% - on the first €12,012 0.5% - on the first €12,012 0.5% - on the first €12,012
The 4% rate applies to all income over €10,036 The 4% rate applies to all income over €10,036 The 3.5% rate applies to all income over €12,012 The 3% rate applies to all income over €12,012 The 2.5% rate applies to all income over €12,012 The 2% rate applies to all income over €12,012

Emergency Tax

Like 2019, employees on emergency tax with a PPS Number will not receive any tax credits. They will also only get 4 weeks or one month of standard rate cut off point.