Skip to content
Home » Blog » Enhanced Reporting Requirements: how Webexpenses can help you prepare

Enhanced Reporting Requirements: how Webexpenses can help you prepare

Employers in Ireland should remain informed about impending new legislation which is set to be enforced. This will impact expense management reporting.

What are the new reporting requirements?

On  Monday 1 January 2024, the Finance Act 2022 new policy (Section 897C) will be rolled out across the country. This will require employers to report details of certain expense payments made to employees and directors. 

When payments on the information listed below are made, details of the payment must be made on, or before, the payment date to the employee.

Webexpenses customers will be delighted to know there is custom functionality being introduced into the system to help with this new legislation.

What details need to be reportable to Revenue?

Small benefit exemption

This is where any vouchers or benefits paid for that don’t exceed the small benefit exemption which is currently up to two small benefits each year that don't exceed a combined €1000.

Remote Working daily allowance

In a situation where you are paying a Remote Working daily allowance, you must report the following:

  • The total number of days they have worked remotely.
  • The amount paid.
  • The date on which it was paid.

Travel and subsistence

Within the report, the following list of items must be included alongside both the date the payment was made and the value of each payment:

  • Travel vouched.
  • Travel unvouched.
  • Subsistence vouched.
  • Subsistence unvouched.
  • Site-based employees (including “Country money”).
  • Emergency travel.
  • Eating on site.

It is worth adding that in a situation where an employer is paying the expenses directly to the provider such as company credit cards, these payments do not have to be included in the report.

How will payments be submitted?

It is important to know how to submit the new enhanced reporting. There will be a new facility within Revenue Online Service (ROS). It is worth noting that this new facility will resemble the already existing payroll reporting facility. 

Revenue has claimed that this new legislation is phase one and it is likely that more enhanced reporting will be introduced in the upcoming years.

The Webexpenses system will be able to help users. The system will create a custom report for the expense payment as soon as it is submitted. 

Benefits of the enhanced reporting for businesses

One of the main benefits listed by Revenue themselves, suggests that it will aim to increase visibility for employees about non-taxable payments. The idea is that these new reports will allow employers to keep an eye out for any potential areas where you may be overspending.

From Revenue’s perspective, the enhanced reporting creates more availability so they can pay more attention to the companies that are not reporting properly.

The extensive reporting functionality within the Webexpenses system will serve users with a valuable resource for your business, not only saving time but also ensuring compliance with the latest legislation.

How to prepare your business for the incoming legislation updates

With the legislation being implemented on Monday 1 January 2024, companies need to have a plan in place.

Review your current system in place now to make sure you will be ready for the incoming changes. The new legislation will likely increase administrative work within your organisation due to the real-time reporting element. 

With Webexpenses’ custom real-time reporting feature, it will allow your business to quickly and accurately adhere to the new regulations, providing a comprehensive solution for expense management and reporting.

If you still have further questions on the upcoming legislation change, Revenue is offering webinars on multiple dates up until November. These webinars will look to give out more information and an overview from a user perspective on the new legislation. As well as constantly updating their site with any new updates which you can access here. If you are unable to attend the webinars, recordings will be posted on the website during November.

 

If you are not a current Webexpenses customer but would like to find out more about how the system can help your business, please fill in the form below.

 
Trust Inheritance

Customer Success Story: Trust Inheritance

Dec 6, 2021

Trust Inheritance has been treating customers like family since 1990. The team are best known for providing exceptional customer experience…

Read More
Webexpenses Hike n Bike

Webexpenses Hike ‘n’ Bike 2021 for charity Special Effect

Sep 29, 2021

Donate   This October, the Webexpenses team will be taking part in Hike ‘n’ Bike – a Webexpenses fundraising event…

Read More
Webexpenses Sponsorship with Chris Green, Australian Cricket Player

Webexpenses Q&A: Chris Green, Australian Cricket Player

Jul 29, 2021

Chris Green flew over to the UK in June to represent Middlesex Cricket Club at the T20 Vitality Blast. Since…

Read More
Webexpenses awarded with Front Runner in Expense Reporting Software

FrontRunner for Expense Report Software

Jul 26, 2021

26th July 2021 (Oxford, UK) – Webexpenses, a global expense management provider, announce that they have been named FrontRunner 2021…

Read More
Webexpenses announce partnership with Fulham FC

Our Partnership with Fulham FC

Jul 21, 2021

21 July 2021 (Oxford, UK) – Webexpenses announces partnership with Fulham FC, an English professional football club based in Fulham,…

Read More
ELMO software launch in UK

ELMO Software Suite of HR Solutions Now in UK

Jul 1, 2021

We are pleased to announce that Webexpenses’ parent company, ELMO Software’s cloud-based HR solutions, are now widely available in the…

Read More
G2 reviewers award Webexpenses top-rated software

Top-Rated Expense Software Provider on G2 | Webexpenses

Jun 30, 2021

Webexpenses receives 15 G2 top-rated badges for Summer 2021 G2 is an independent review platform that allows businesses to discover,…

Read More
Webexpenses Vitality Blast sponsorship

Sponsoring Chris Green at T20 Vitality Blast

Jun 25, 2021

25 June 2021 (Oxford, UK) – Global expense management provider, Webexpenses, announces sponsorship of cricket player, Chris Green. Green is…

Read More
Webexpenses wins Expense Managament

Webexpenses earns a 2021 Top Rated Award from TrustRadius

May 26, 2021

Webexpenses has been recognised as a leader among Expense Management software companies Witney, UK (May 27th, 2021) – Webexpenses a…

Read More

Should We Be Preparing For a Business Boom?

May 25, 2021

Think of the ‘Roaring Twenties’ and what comes to mind? Flapper girls, swing dancing and Jazz. It was all of…

Read More