P35 Filing Deadline 2016

Employers need to be aware that the P35 deadline is fast approaching. Employer’s year end return of employee’s remuneration (Form P35) is due for filing by 15th February, 2016. However, for those who wish to file the P35 return online using the Revenue Online Service (ROS), the filing deadline date is extended to 23 February 2016.

What is a P35 Return?

“P35 Return details all PAYE and PRSI employee and employer related deductions for the relevant tax year and is usually accompanied by a P35L which details the deductions for each specific employee” said Maura Duffy, Partner with HLB Sheehan Quinn.

The following are some of the most common benefits in kind that should to be included on the P35:

1) Company car

2) Company Vans

3) Preferencial loans

4) Medical Insurance

5) Corporate Memberships

6) Company Shares

7) Pension contributions paid in respect of PRSAs

The list is not exhaustive and can include the provision of any non-monetary benefits. Failure to submit the Return P35 on time may result in a penalty of €1,000 for each month or part of the month in which the P35 remains outstanding (subject to a maximum penalty of €4,000).


Maura continued “It’s important to ensure you have received a P2C for each employee (Tax Credits). This will ensure that the correct deductions have been made as if there is any under payments, they are the responsibility of the employer. In circumstances where you receive and instruction to deduct LPT from an employee this must be included in on the P35 declaration”.

As with other refunds, P35 refunds will no longer be paid by cheque. Ensure the Revenue have the relevant bank details

Where employees are a member of an Occupational Pension Scheme, their pension tracing number should be included on the P35. Pension payments, both employee and employer contributions must also be included on the P35.

Queries

If you have any queries or need any assistance we would be pleased to review the payments made and benefits given to employees/directors to ensure the correct tax treatment has been implemented. Contact Maura Duffy, email mduffy@hlbsheehanquinn.com or call (01) 2915265.

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