The P35 for the tax year ended 31st December 20010 must be filed with the Revenue 15th February 2011. Employers who fail to submit a completed P35 return by the above date will be liable to penalties of up to €4,000 and you may also risk a possible tax audit.
Interest on P35 Balances
When a balancing payment is submitted with the P35 return and it exceeds 10% of the liability due for the year, interest is chargeable on the balance from 31st July 2010.
When a balancing payment is submitted with the P35 return and it does not exceed 10% of the PAYE/PRSI liability due for the year, interest is chargeable on the balance from 14th January 2011.
Payment of PAYE taxes by direct debit
If you pay your PAYE taxes by direct debit we suggest that you review now the amount that you are paying to ensure that sufficient tax will be paid each month for 2011 to avoid an underpayment at the end of the year. The monthly payment should be reviewed during the year if there are any changes to your salary costs.
For further information contact Imelda Prendergast
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