Important Update: Reporting Employee Expenses and Benefits Starting 01 January 2024

Introduction of Section 897C in the Finance Act 2022

The Finance Act of 2022 has introduced a significant amendment with the inception of Section 897C. This new section mandates employers to report specific details of expenses and benefits provided to employees and directors. The obligation to report these details will take effect from 01 January 2024.

Information Reporting Requirements

For insights into which expenses and benefits fall under this requirement, please refer to the ‘What information do you need to report’ section. It is crucial for employers to familiarize themselves with these details to ensure accurate and compliant reporting.

Submission via Revenue Online Service (ROS)

All reports concerning these expenses and benefits must be submitted through the Revenue Online Service (ROS). It is imperative that employers submit this information on or before the actual payment date to the employee. Timely and accurate submission is key to maintaining compliance with these new regulations.

ROS Registration

To facilitate these submissions, employers need to be registered with ROS. If you have not yet registered, or need assistance with the process, please visit the ROS Registration page here. Registering with ROS is a straightforward process, and it is an essential step in ensuring your business is ready for these upcoming changes.

Support from Beresford McArdle

At Beresford McArdle, we understand that adapting to new regulations can be challenging. To assist our clients with this transition, we will be reaching out closer to the year-end to ensure that your business is fully prepared and compliant with the new Section 897C requirements. Our team is dedicated to providing you with the necessary support and guidance throughout this process.

For any questions or further information regarding these changes, please feel free to contact us at Beresford McArdle. We are here to help you navigate these updates with ease and confidence.

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