Four in ten SMEs say they are not at all prepared for the incoming changes to the PAYE system, according to a new survey.
The survey, which was carried out by accounting software firm Big Red Cloud, asked over 200 business owner managers throughout the country their position on the PAYE Modernisation being introduced by Revenue.
The PAYE Modernisation Project will involve the most significant reform of the PAYE system since its introduction in 1960 with the reforms coming into effect from January 1st 2019.The new system will see employers submitting payroll data in real-time as employees are paid.
Other findings show that 66 per cent of SMEs throughout the country feel they are “short on detail” on the PAYE system overhaul with five per cent being completely unaware of the changes. Ninety-two per cent did, however, know the exact date the changes will come into force while 15 per cent feel confident they will be ready for PAYE modernisation.
Marc O’ Dwyer, CEO of Big Red Cloud, commented on the results: “As the year progresses, it is becoming increasingly apparent to us that, not only are many businesses not ready, many are simply unaware or uninformed of the changes and what they will mean for their business.
“The findings of this survey are real evidence of this. I think it’s important that consideration is given to the results and that efforts are made to help owner managers take the necessary steps over the next few months to ensure their business is Revenue-compliant by Januaury 1st.”