INFOPAY 2013 LPT UPDATE RELEASE NOTES
(Finance (Local Property Tax) (Amendment) Act 2013)
Infopay13 Version 4
As previously notified, The Finance (Local Property Tax) (Amendment) Act 2013 came into force in March 2013 and all employers are legally obliged to have a system in place to collect the LPT Tax from employees with affect from the 1st July 2013.
We have now released an update to cater for the extensive changes made.
New Employees:
• Setup has new field for LPT charge – this will update from P2C download.
• P45P3 – new field for LPT charge collected from previous employer
Employee Card now has three LPT columns:
• LPT to currently collect (LPT charge as notified by Revenue)
• LPT Periods (to cater for holidays, when correct no. of weeks must be deducted)
• LPT this period (amount deducted).
Amend wage details:
• LPT Period field to collect LPT on holiday periods.
Infopay payslips and reports have been adapted.
Revenue have made changes to the following forms/files with effect from the 1st July 2013 and this update incorporates these changes to the ROS files:
1. P2C
2. P45P3
3. P45
4. P30
A further update will issue shortly to include the new P35 and P60
Briefly the calculation works as follows:
The amount to be deducted is divided evenly over the number of pay periods remaining in the year. If an employee takes unpaid leave for one or more pay periods then the amount remaining to be collected is divided over the number of pay periods remaining when he returns. Similarly if Revenue change the amount to be collected then the periodic deduction is recalculated. To facilitate these scenarios, Infopay recalculates the periodic deduction on each pay date.
UNDER NO CIRCUMSTANCES CAN LPT BE REFUNDED TO AN EMPLOYEE AFTER IT HAS BEEEN DEDUCTED.
For more information please see Revenues LPT “Frequently Asked Questions for Employers & Pension Providers” at www.revenue.ie/en/tax/lpt/faqs-employers.pdf
Please note that due to changes in the Revenue Forms / Files all users must update, irrespective of whether they deduct LPT or not, as the old forms will no longer be accepted by Revenue after 1st July 2013.
Versions of Infopay13 prior to version 4 will not be able to read the amount of LPT deducted from the new P2C files.
Infopay13 Version 4 can be downloaded from www.infopay.ie/lpt/infopay13update.exe or from the user download section of our website.
The latest Version of Infopay is Infopay13 Version 3
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INFOPAYLITE 2013 LPT UPDATE RELEASE NOTES
(Finance (Local Property Tax) (Amendment) Act 2013)
InfopayLite13 Version 4
As previously notified, The Finance (Local Property Tax) (Amendment) Act 2013 came into force in March 2013 and all employers are legally obliged to have a system in place to collect the LPT Tax from employees with affect from the 1st July 2013.
We have now released an update to cater for the extensive changes made.
New Employees:
• Setup has new field for LPT charge – this will update from P2C download.
• P45P3 – new field for LPT charge collected from previous employer
Employee Card now has three LPT columns:
• LPT to currently collect (LPT charge as notified by Revenue)
• LPT Periods (to cater for holidays, when correct no. of weeks must be deducted)
• LPT this period (amount deducted).
Amend wage details:
• LPT Period field to collect LPT on holiday periods.
Infopay payslips and reports have been adapted.
Revenue have made changes to the following forms/files with effect from the 1st July 2013 and this update incorporates these changes to the ROS files:
1. P2C
2. P45P3
3. P45
4. P30
A further update will issue shortly to include the new P35 and P60
Briefly the calculation works as follows:
The amount to be deducted is divided evenly over the number of pay periods remaining in the year. If an employee takes unpaid leave for one or more pay periods then the amount remaining to be collected is divided over the number of pay periods remaining when he returns. Similarly if Revenue change the amount to be collected then the periodic deduction is recalculated. To facilitate these scenarios, Infopay recalculates the periodic deduction on each pay date.
UNDER NO CIRCUMSTANCES CAN LPT BE REFUNDED TO AN EMPLOYEE AFTER IT HAS BEEEN DEDUCTED.
For more information please see Revenues LPT “Frequently Asked Questions for Employers & Pension Providers” at www.revenue.ie/en/tax/lpt/faqs-employers.pdf
Please note that due to changes in the Revenue Forms / Files all users must update, irrespective of whether they deduct LPT or not, as the old forms will no longer be accepted by Revenue after 1st July 2013.
Versions of InfopayLite13 prior to version 4 will not be able to read the amount of LPT deducted from the new P2C files.
InfopayLite13 Version 4 can be downloaded from www.infopay.ie/lpt/infopay13liteupdate.exe or from the user download section of our website.
The latest Version of InfopayLite is InfopayLite13 Version 3
