Organisations need to be prepared for ever-increasing compliance burdens. Compliance requires oversight and adherence to strict guidelines.
Many stakeholders across organisations – including HR, Payroll, Tax and Finance – need to play their part in minimising risk, controlling costs and improving compliance processes. A proactive approach to managing regulatory and tax risk, and handling Revenue audits and disputes, can reduce the risk of non-compliance and the resulting reputational damage.
We can work with you to ensure that your functions have the relevant controls and frameworks in place to allow allow you to focus on your business.
In a complex work environment, you face growing challenges handling tax issues arising from recruiting, rewarding, and redeploying employees.
Tax authorities increasingly regard the employer as their tax agent responsible for collecting taxes and social security contributions in real time. This places a significant burden on payroll, finance, HR and tax functions to minimise risk and avoid the reputational damage of getting it wrong.
As the compliance burden increases, and Revenue authorities dedicate more resources to interventions and investigations, the number of Revenue audits are increasing. They increasingly use forensic methods to interrogate payroll data in ways that were not previously possible.
As an employer, you need to be prepared for PAYE tax audits and disputes and know how to minimise potentially expensive settlements in order to protect your corporate reputation.
Estimates suggest that more than 35,000 tax and social security adjustments are needed annually to operate payroll in compliance with local regulations around the world.
Many of the businesses we talk to take a proactive approach - involving Payroll, Tax, HR and Finance - to reviewing their payroll processes and the underlying tax treatment of payroll items to ensure compliance, reduce risk and increase efficiency.