The Finance Act of 2022 brought in a new requirement known as Section 897C, which mandates employers to disclose specific expenses and benefits provided to their employees and directors. This reporting obligation officially kicked off on January 1, 2024, but Revenue have stated that they won’t penalise employers until June 2024 so there is time for employers to get up to speed on the changes.
If you’re seeking more insight into what falls under these expenses and benefits, you can refer to the ‘Information you need to report’ section or watch the number of helpful information videos here. Or you can log onto Revenue’s next Webinar, on May 21st, where they aim to familiarize employers with their responsibilities and duties concerning an additional reporting requirement. Reserve your Free spot in this webinar here.
It’s important to note that you’re obligated to submit these details via the Revenue Online Service (ROS). Make sure to complete this submission by the payment date to the employee, or earlier.
