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 Post subject: 2016 Release Notes
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Payback Version 2016.03
Budget Changes

PAYE
There were no PAYE changes for 2016 in the Budget. All PAYE rates stay the same.

PRSI
Employee PRSI
  • The Class A threshold for charging the 10.75% rate of employer PRSI will increase from €356 to €376.
  • No change in the Class A €38 threshold for charging employer PRSI.
  • No change in the rates of employer PRSI for other PRSI Classes.

Class A Employee PRSI
  • The Class A employee PRSI rate of 4% remains unchanged.
  • For gross earnings between €352.01 and €424, the amount of the PRSI charge at 4% is reduced by a new tapered weekly PRSI Credit.
  • The maximum weekly PRSI Credit of €12.00 applies at gross weekly earnings of €352.01.
  • For gross weekly earnings over €352.01, the maximum weekly PRSI Credit of €12.00 is reduced by one sixth of weekly earnings in excess of €352.01.
  • There is no PRSI Credit once gross weekly earnings exceed €424.
  • Participants in Community Employment and the Employer PRSI Exemption Schemes with weekly gross earnings between €352.01 and €424 will benefit from a PRSI Credit, in the same way as other Class A contributors.
  • To accommodate the new PRSI Credit in Classes A and H, the thresholds for certain Class A and Class H subclasses are altered.
  • The new PRSI Credit will only apply to the subclasses AX, AL, HX and A7 and to those with weekly gross earnings between €352.01 and €424 in subclass A9.

Other Employee PRSI
A PRSI Credit, equivalent to that for Class A employees, will apply to Class H and Class E employees.
No change in employee PRSI for other PRSI classes.

Self-Employed Class S
No change to PRSI Class S.

Class K
No change for PRSI Class K

USC
USC PRSA, 2016
Chapter 2 of the Finance Bill 2015 contains an amendment to the USC treatment of employer contributions to an employee’s Personal Retirement Savings Account (PRSA). With effect from 1 January 2016, these contributions will no longer attract a USC liability for the employee.

If a new PRSA is set up for an employee for 2016 using the Quick Setup, the USC BIK element will no longer be automatically added.
Any existing PRSA USC BIK elements (set up for PRSAs prior to 2016) will be calculated at zero for 2016 contributions. We recommend removing USC BIK elements in the employee screen before processing payments for 2016.

USC Week 53, 2015 and 2016
Revenue has previously advised that USC Week 53 should be processed on an emergency basis. Payback has followed this advice.

On the 9 December 2015, Revenue has retrospectively changed this advice. They published a new version of the USC FAQ:
http://www.revenue.ie/en/tax/usc/univer ... e-faqs.pdf
This new version states that Week 53 USC should now be processed with week one USC credits.

Unfortunately, this came far too late to test and roll out an update for 2015. The 2016 version of payback, (including the pre-release), calculates Week 53 using the revised rules.

If you processed a week 53 for your employees in 2015, they may be due a refund for USC. Please contact Revenue to arrange the refund.
Telephone: 1890 25 45 65
Email: employerhelp@revenue.ie


New USC Rates for 2016
Code:
On the first €12012                        1%
On the next €6656                          3%
On the next €51376                       5.5%
On the balance                             8%



New Features

P35 Wizard
Included in the 2016 version is a new P35 wizard.
In the Reports screen, select ROS P35 (annual)
A button called 'ROS P35 Wizard' will appear at the top of the screen.
Click this button and a dialogue will appear which simplifies the process of checking and uploading P35s.

reports
Two new reports are included:
  • Annual Gross to Net
  • Annual Expenses

CloudPay
We have also released a cloud version: https://www.cloudpay.ie


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