60% of Irish accountants at smaller businesses worry about new PAYE system requirements

60% of Irish accountants at smaller businesses worry about new PAYE system requirements

As Revenue pushes ahead with plans to modernise Ireland’s PAYE system early next year, a new survey from online accountancy software firm Big Red Cloud has found that confidence in the benefits of the changes to Ireland’s small business sector is wavering.

The survey asked 100 accountants nationwide their views on the PAYE modernisation project and on how will it likely to impact their small business clients. Findings indicate that 55% of accountants surveyed felt their clients were ‘not prepared at all’.

The survey found that 39% of accountants expect that smaller businesses will find it hard for the first 12 months but will benefit from the changes in the long run. Seventy four percent plan to open up service offerings to include payroll to more business clients and 40% believe that Revenue could be doing more to help with the preparatory work behind the scenes.

Speaking of the findings, CEO of Big Red Cloud, Marc O’ Dwyer said, "Accountants are the valued and trusted advisors to thousands of small businesses around the country – which make them well-placed to provide insightful information on what’s going on for these businesses and on how prepared, or otherwise, they are for the January 1st deadline. While it appears that most businesses are not yet ready for these changes, what’s more concerning is that 60% of our survey respondents believe that small businesses will, in the main, be disadvantaged by the changes."

He added, "The rationale behind changing a system that was first implemented almost 60 years ago is easy to understand – the workplace is no longer the same place it was, and as such the processes and procedures associated with it should adapt accordingly. Larger organisations will have to fall in line with the changes, but they will have the resources to do this. It’s the smaller businesses – often the lifeblood of communities the length and breadth of the country – that may struggle."

Source: www.businessworld.ie