When you take on employees, you are required to deduct various taxes and other charges from their gross pay. These deductions include Income Tax, PRSI and the Universal Social Charge. You must notify Revenue of each employees’ pay and deductions on or before every pay day. In order for you to make the correct deductions, it is important that your employees have registered with Revenue for the MyAccount service.
As well as enabling you to make the correct deductions in each pay period, MyAccount also allows you to review screens showing how the information in your payroll submissions is presented to employees. This can sometimes save time if you need to resolve employee queries.
In addition, MyAccount enables your employees to update their personal details with Revenue, review their tax affairs, make payments and apply for certain tax reliefs and incentives.