P35 Deadline

The P35 deadline is just around the corner.  It happens the same time every year… 15th February for the previous calendar year.

The P35 is a summary of all payments due to Revenue from the wages taxes, e.g. PAYE, or Income Tax, USC, PRSI & LPT.  It should equal the P30 returns already submitted to Revenue, and where there is a shortfall or an overpayment, this is corrected by submitting the P35.

The P35 should also match the P60s sent to all employees by February 15th.  Every employee who was employed at 31 December is entitled to a P60 which shows their earnings that was subject to PAYE & USC and how much tax was paid for both of these taxes.

Thankfully, we, and most of our clients operate payroll software which takes the sting out of getting this data ready for upload.  It is, in most cases, simply clicking a few buttons to prepare the file, then uploading it and instructing Revenue to deduct any balance due, or refund any balance overpaid.

Balances overpaid can occur where, for example, there is a monthly direct debit taken to go towards the P30, and when these payments are totalled at the year end, they exceed the actual amount that should have been paid.

If you have an invalid PPS number listed for any employee, the return will be rejected by Revenue.  If it is not filed on time, there are fines and penalties imposed for late filing/returning of the P35.

There are a few options for payroll software, any of which should make your life a whole lot easier than manually completing Tax Deduction Cards.  Talk to us today to see if we can help:  047 81626