Firstly, you need to make sure you are making the correct PAYE deductions for your employees for 2014. You should have received communication from the Revenue by now notifying you of tax credits and standard rate cut-off points for each of your employees and this is the information to use. You can also get this information on ROS Revenueís website. The majority of people use payroll software these days. So, you need to take this information and put it into your software. You are then ready to process payroll as you would normally. It is important not to forget to do this and roll forward last years information. Your staff may have opted to pay their local property tax via their pay packet or their circumstances could have changed and this needs to be reflected.
Now that you are ready for 2014 you will need to close off 2013. To do this you firstly need to give all of your employee s a P60 form. The P60 will show total pay, tax and PRSI contributions for the previous year. These need to be issued between January 1st and February 15th. Donít forget also that you need to submit a P35 form to Revenue no later than the 14th February 2014. This is effectively a summary of all pay and tax of your employees.
If you would like any assistance with managing your payroll, your local TaxAssist Accountant would be happy to help you. Using an accountant, should ensure that your payroll is completed accurately and in a timely fashion.
Disclaimer: Advice shared in this blog is intended to inform rather than advise. Taxpayer's circumstances do vary and if you feel that the information provided is beneficial it is important that you contact us before implementation. If you take, or do not take action as a result of reading this forum, before receiving our written endorsement, we will accept no responsibility for any financial loss incurred.