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.
Depreciation is a non-cash expense that reduces the value of an asset over time, and is an expense that is often neglected when completing monthly Profit & Loss Reports. The only asset that cannot be depreciated is land, as it has an unlimited useful life.
Where possible, you should try to split the total depreciation for the year to share it evenly throughout the year.
Nominal Codes: What are they all about?
When setting up a file on a computerised accounts system the first thing you need to do is decide upon and setup your chart of accounts (or Nominal Codes). The “Chart of Accounts” is the backbone to any Computerised Accounts System. They should be set up in a logical manner which groups together your financial activities.