Why Joan Burton Wants to Hit the Self Employed

August 13, 2013

Some people have been rather upset today to learn that Social Protection Minister Joan Burton is plotting another yet another tax hike on self-employed workers.

According to the Irish Independent, Ms Burton is targeting the self-employed for increased PRSI in Budget 2014, from the current 4% rate to 6%.

Why Joan Burton Wants to Hit Self Employed

However, this news doesn’t surprise me in the slightest.

Why so?, I hear you ask. Isn’t it beyond obvious at this stage that tax hikes increase unemployment? And, surely the Social Protection Minister wants to shorten, not lengthen, the dole queues?

But therein lies the rub, and the cold and cunning method in Ms. Burton’s apparent madness.

When a self-employed worker goes out of business, they normally won’t be entitled to Jobseekers Benefit.

So they don’t become a drain on the social welfare budget.

This explains why Joan Burton is quite happy to target a dwindling pool of self-employed workers for PRSI hikes.

She knows full well that if they lose their livelihoods, they can go hang, fend for themselves, or better still, emigrate.

Meanwhile, on another planet entirely,  the political pensions gravy train rolls on undisturbed.

The Irish Independent report is here.


15 February is Employer 2012 P35 Return Deadline

February 1, 2013

If you employ staff, the deadline for filing your 2012 p35 Return with Revenue is 15 February, two weeks from today.

This is also the due date for paying any remaining PAYE/PRSI liability for 2012, and for issuing your employee P60s for 2012.

If you file and pay via ROS, you can avail of an extended deadline of 23 February for your P35, but please bear in mind that this extension does not extend to your employees’ P60s.

ros_online

If you need assistance with a straightforward P35 query, you can phone the Revenue P35 helpline on 1890254565, (or 016763400 if, like me, you like cheaper phone calls).  Lines are open until 8pm next week, Monday to Friday, 4 to 8 February.

If your query is more complex or sensitive, you should instead just ask your accountant.


Have you received your 2012 P60 yet?

January 25, 2013

If you are working in paid employment, you should, around now, be receiving your 2012 P60 Certificate.

Your P60 is a Certificate of your annual Pay, and PAYE Tax, PRSI & USC deductions, for the past calendar year.  Your employer is legally obliged to issue you with your 2012 P60 by 15 February next,  but you may well have already received it recently.

Form P60 Certificate Pay, Tax, PRSI, USC

Your P60 is a very important document and it is essential that you keep it in a safe place.

 You will need your P60:

  • if you are completing a tax return, or making a tax refund claim for 2012.  Revenue may sometimes also require you to forward your P60 to them in order to verify your tax return or claim.
  • if you are making an application for a mortgage or loan, to a bank, credit union or building society.
  • as proof of your income if you  are claiming certain benefits from the Dept of Social Protection.
  • for a variety of other State benefits, eg SUSI Third Level Grants.

In addition, I recommend that you retain all your old P60s indefinitely, in case you need them in the future to verify your PRSI contributions history. This can be especially important for eligibility for the Contributory Old Age Pension.

If you don’t receive your P60 by 15 February next, you should ask your employer to issue it to you, without further delay.  They can do so either via payroll software, or by using the Revenue approved-format P60 templates, which are online in both MS Word and Laser format (the latter presumably for use with laser printers).


Tonight’s Tax Return & Payment Deadlines

January 23, 2013

Don’t forget that midnight tonight (23 January) is the deadline for filing the following tax returns:

  • Employer PAYE/PRSI P30 monthly return for December 2012 & quarterly return for the period October – December 2012
  • VAT3 return for periods ending in December 2012
  • RCT December 2012 monthly return for December 2012 & quarterly return for the period October – December 2012.

You must file each return online using ROS, and each return must be accompanied by your corresponding tax payment.

Tax Deadlines

In addition, tonight is also the deadline for

  • payment of Preliminary Corporation Tax, if your 2012/13 company accounts year ends in February 2013; and
  • filing of your Corporation Tax Return and payment of any remaining tax owing, if your 2011/12 company accounts year ended in April 2012.

For a full list of all Revenue tax deadlines in 2013, see the Revenue Key Dates Calendar. Note the extended filing dates for returns filed electronically via ROS.