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What Revenue’s enhance reporting requirements mean for small business owners

There are changes coming from 1st January 2024 that will affect small business owners. Here are what the changes mean and what you need to do.

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What new information do Revenue require?

Changes in Irish Law (Finance Act 2022; Section 897C), require you to report certain payments made to employees, including travel expenses.

These enhanced reporting requirements will commence from 1 January 2024 and include things like bonuses and travel payments.

Here is the full list of payment categories that you need to report:

How to make the payments

Where you make one or more of the payments above, you must submit the details using Revenue Online Service (ROS). This submission must be made by you on, or before, the payment date to the employee.

The good news is with a Small Business Payroll subscription, this additional reporting requirement is included as part of your package. This means you can save time, reduce stress and be assured that you are staying compliant with the law.

Join Small Business Payroll today