Accounting And Finance | Collins McNicholas

7 Key Points for Payroll in 2017

7 Key Points for Payroll in 2017I had the pleasure of attending the annual Irish Payroll Association (IPASS) conference on 11th May 2017 in Croke Park Dublin. IPASS is Ireland’s premier provider of Payroll and VAT training and certification. The conference included presentations from IPASS, the Revenue Commissioners and PWC. Here are some helpful key points that were discussed/highlighted on the day: 1. GDPR – General Data Protection Regulation – This issue is highly topical at the moment. The regulation will come into effect on the 25th May 2018. If you are a registered Data Processor or Data Controller you need to be ready to conform to the policy by this date. Please click this link for further information. This regulation will impact any information we hold on payroll, accounts, and any information on our database relating to clients, suppliers and candidates/temps. 2. New Revenue Website – During the first week in June 2017, the Revenue Commissioners will be launching a brand new website. Revenue have done research into how websites are generally used to ensure that their new look web pages are user friendly and easy to navigate. They have spent time removing jargon and converting technical speak into straight forward narrative. This should make registering employment, resolving tax queries etc. more simplistic. Revenue have acknowledged however that not everyone is IT literate and they will still need to be prepared to answer phone calls and postal correspondence. 3. Illness Benefit – There was a lot of discussion around the processing of illness benefit. The consensus is that the processing of this on behalf of Welfare and Revenue is problematic at employer and payroll processing level. Revenue do not envisage the system changing in the near future, but they are looking to make the notification process simpler whereby the issuance of a letter through the ROS portal may be replaced with a CSV file showing all applicable employees. The major problem for processing at the moment is where a payroll bureau is in operation (similar to what we do for our client payrolls), the illness benefit letter is not received into the agent link inbox on ROS. 4. MyEnquiries – It was raised with Revenue that the turnaround time for responses through its MyEnquiries portal is too slow and that 20 – 25 days is not an acceptable response rate. 5. Pensions – It was raised that where an employee has a pension deduction from their salary they must be advised in writing at least once a month of the following: The total amount deducted from the employee’s salary and paid to the PRSA provider (this is covered on the face of the payslip). 6. Retirement Date in Contract – There is no mandatory retirement age set down in law. If a retirement age is included in an employment contract employers must be able to demonstrate that they have objectively justified the age giving consideration to the following: promoting access to employment for younger people, ensuring a mix of generations of staff so as to promote the exchange of experience and new ideas, efficient planning of staff departure/recruitment, Safety (workplace or public), avoiding dispute’s about the employee’s fitness for work over a certain age, avoiding the need to dismiss employee’s on the ground that they are no longer capable of doing the job which may be humiliating for the employee concerned. The overriding concern from those in attendance at the conference was that by having a compulsory retirement age you may be creating a scenario where you must retire at 65 but may not be eligible to receive your state pension until 67 or 68 leaving an income gap. 7. PAYE Modernisation – Revenue are moving towards “Real time” reporting which will mean that each monthly return will have the ability to report each employee’s earnings, tax etc. This form of reporting will reportedly remove the need for P30’s, P45’s, P46’s, P60’s and P35’s.   Collins McNicholas’ Payroll Services Team provides a comprehensive payroll service to multinationals, SMEs, start-ups and public sector organisations, running weekly, fortnightly and monthly payroll for our clients nationwide. For further information on our payroll services contact me (Fiona Collery) at 071 9142411 or visit our payroll information page here   Fiona Collery, Payroll Manager (FCCA) Collins McNicholas Recruitment & HR Services Group Phone: 071...

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7 Key Points for Newly Qualified Accountants

For those of you that are approaching the end of your Accountancy exams and are awaiting results at the end of the month, the end is nigh. The hard slog is over. For many it is now time to sit down and plan your first career move post training contract. It can be difficult to fully focus on your long term career when you are trying to balance study and work commitments so for many trainee accountants this is put to one side until they receive their final results. The good news is that there is no shortage of opportunities available to qualified accountants at this present time and this outlook does not appear to be changing any time soon. With so many options available, this article is aimed at assisting those looking to take the next step by providing 7 key points to consider: Practice or Industry – for many this decision does not take much thought. Do you prefer the customer facing element of practice or would you prefer a more strategic and commercially focused role in industry? Structure – organisational structure has a profound effect on the nature of the work you will do in your next role. What type of structure do you want to work in? Multinational, SME, Shared Services Centre, Large Indigenous Business or perhaps a Start Up. CV – this represents your personal brand and it is imperative that it leaves a lasting impression. Ensure you allocate sufficient time to getting this right from the start. It is important to highlight the type of clients you worked with throughout your training. E.g....

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The Lure of Home Comforts – Financial Services Industry Booming in Cork City

With 250 of the world’s leading Financial Services organisations operating within Ireland, Dublin is often seen as the major hub for fund administration and banking jobs, and rightly so. Take a walk down through the IFSC in Dublin and you will see some of the major global players in the Financial Services industry with their roots firmly planted in the centre. However, for many of you like myself who went to Dublin to kick start their careers, the question often posed is: ‘Are there opportunities outside of Dublin for me to progress my financial career?’ The answer is ‘YES’. The Financial Services industry has many operations spread throughout Ireland, from Cork to Galway, Letterkenny to Waterford and Limerick to Kilkenny. With over 35,000 people directly employed in the Financial Services in Ireland, one third of those are employed outside of Dublin. Since the start of 2015, there has been a sharp increase in the number of opportunities outside of Dublin for experienced funds candidates, and significantly the majority of these are permanent positions. Our Collins McNicholas Cork Office is currently partnering with leading multinationals in the funds industry who are looking for experienced Fund Accounting Managers, Supervisors and Senior Fund Accountants. Based in Cork City, all these jobs are permanent positions with excellent career progression opportunities. For those who have enjoyed what Dublin has to offer but are looking at the possibility of re-connecting with their roots in Cork, these are fantastic opportunities. As a Cork native myself who made the move from Dublin to Cork last year, I can firmly agree with the old adage: “Níl aon tinteán mar do thinteán...

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Accounting Careers Event with IT Sligo & ICAI, North West Society

Collins McNicholas Regional Manager, Antoinette O’Flaherty recently presented at the Accounting Careers Event hosted by IT Sligo and The Institute of Chartered Accountants Ireland (ICAI), North West Society. “I was delighted to be asked to take part in this year’s Accounting Careers Event in IT Sligo on 27th March 2014. The event, which is aimed at those starting or progressing a career in accountancy, was hosted by IT Sligo and The Institute of Chartered Accountants Ireland (ICAI), North West Society. Over 40 people attended. I delivered a presentation on ‘Marketing Yourself in Preparation for Your Next Career Move’ which discussed the importance of having a strong CV and how to perform in competency based interviews using the STAR technique. Attendees had the opportunity at the end of the event to practice their interview tips in individual mock interviews.” Other speakers at the event included: Gary Reynolds, Lecturer IT Sligo Karin Lanigan, Careers Manager (ICAI) Rónán Lynch, Finance Director, Mercury Engineering Caroline McNulty, IT Sligo Beatrice Flavin, IT Sligo Mairéad O’Grady, Partner, RBK Accountants Collins McNicholas Recruitment and HR Services Group look forward to partaking in future events with Sligo IT and The Institute of Chartered Accountants Ireland (ICAI), North West Society. For Accountancy & Finance jobs with Collins McNicholas, please CLICK HERE   Antoinette O’Flaherty Regional Manager, Sligo Collins McNicholas 071 91 42411 antoinette.oflaherty@collinsmcnicholas.ie...

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