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.

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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.


Less Frequent Business Tax Returns on the way

November 4, 2011

Revenue have this week announced that more small businesses will be qualify for reduced frequency VAT, PAYE/PRSI, & RCT tax returns and payments in 2012.

With effect from 1 January 2012, businesses whose annual VAT bills are less than €3,000 will only be required to file VAT returns and pay VAT liabilities every 6 months. If their annual VAT bills are between €3,000 and €14,400, they will file and pay every 4 months.

In addition, employers and contractors whose annual PAYE/PRSI or RCT liabilities are less than €28,800 will be eligible to make quarterly P30 & RCT30 returns and payments.

Revenue state that this will mean improved cashflow and less form-filling for eligible businesses.

They will soon be writing to businesses that they believe to be eligible for these new arrangement. If you don’t hear from them, but feel that your business should be eligible, (for example due to falling turnover), you should get in touch with Revenue before the end of December.


Employers’ PRSI Incentive – Boost or Dole Trap?

February 15, 2011

The Employers’ PRSI Incentive Scheme  – Is it merely a dole trap for graduates?

Newly-recruited employees can enjoy an exemption from employers PRSI for 12 months, under the Employers’ PRSI Incentive Scheme. This scheme was introduced in Budget 2010 and extended in Finance Act 2011 to continue until the end of 2011.

The incentive is open to employers who create new and additional jobs in 2010 and 2011. If you created a new job in 2010, before the scheme was launched in June 2010, you may still qualify for an exemption of employer’s PRSI for this job.

The 12 months exemption applies from the date you are approved for the scheme.

Rules

Both the job you create and the person you employ must meet certain criteria. While you are waiting to be approved for the scheme, you should operate the standard employee and employer PRSI.

The person you employ must be on the FÁS Work Placement Programme for at least 3 months or be getting one of the following social welfare payments for a continuous period of at least 6 months:

The job must:

  • Be created in 2010 or 2011
  • Be a new and additional post/job – employers will not be allowed to substitute existing employees to avail of the scheme
  • Be for at least 30 hours per week
  • Last for at least 6 months. If the employment ends within 6 months of getting the exemption, you may be liable to pay the employer’s PRSI contributions for that employee.

Exemption limits

You can only get an exemption from employer’s PRSI for up to 5 employees. A higher limit of 5% of their existing workforce applies to large employers.

How to Apply

If you have a new employee and are eligible for the scheme, fill in Form PRSI 20 and send it with a current tax clearance certificate to

Department of Social Protection
Floor 2
Shannon Lodge
Carrick-on-Shannon
Co. Leitrim

Is it enough?

One of the biggest economic problems in Ireland right now is that so many employers are scared stiff of the downturn getting worse. As a result, they are not hiring staff unless absolutely necessary.  Employers PRSI is often (quite correctly) cited as a disincentive to employment.   This incentive aims to address this problem , but in truth it is far too restrictive to do so in any meaningful way.

A Dole Trap?

The fact that it is restricted to workers on social welfare and/or the Fas Work Placement Programme  is a case in point. This would imply that a new graduate must stand in the dole queue or sit on a Fas course for 3/6 months after they graduate before they can take up employment under the scheme.  Are we in danger of creating a ‘dole trap’ for our best and brightest?


P35 and RCT35 Deadlines Today

February 15, 2010

Today, 15 February, is the deadline for employers to file their annual P35 return for 2009 with Revenue.

If you file your P35 return online and pay your P35 liability online through ROS, you can avail of an extended deadline of 23 February.

Today is also the deadline for principal contractors to file their 2009 annual RCT35 subcontractors return with Revenue.  A similar extension to 23 February applies also to the RCT35 return. This applies only where both the return and the payment of the RCT liability are made through ROS.

Roofer

Subcontractors Tax (officially known as Relevant Contracts Tax or RCT) can be a complex tax to administer.  Errors and omissions in RCT returns can prove very expensive, due to the substantial penalties for non-compliance.

Back in 2007 the Revenue published a statement outlining the limited circumstances where they do not impose full penalties for breaches of RCT regulations.  Some of these concessions are subject to the matter being notified to Revenue and rectified within one month of the RCT35 filing deadline.

If you are completing an RCT35 return, or have recently done so, you should review carefully all issues in relation to your RCT compliance for 2009, in order that any outstanding matters can be resolved with Revenue within the one month’s grace period.

As always in relation to complex tax matters, I recommend that you seek professional assistance where necessary.


15 February is P35 Deadline

January 27, 2010

Monday 15 February is the deadline for submission to Revenue of Employer P35 returns for 2009.

If you file your return and pay your liability online using ROS, you can avail of an extended deadline of 23 February.

More on revenue.ie

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