With 2012 Year End fast approaching submitting P45s for new hires to your payroll administrator is of paramount importance.
The advantages of this are:
- Employees will be registered in Revenue as being employed by you
- Employees tax status will be normalised prior to year end
- It ensures employees pay in respect of previous employments is included on their form P60 in respect of that year
The disadvantages of not doing this:
- Employees will not be part of the bulk issue of tax (P2C) updates issued post budget in early December
- Any applications for refund of taxes overpaid will require the employee liaising with Revenue directly and this can only be done after the 23rd February 2013, thus delaying the process unnecessarily.
- Any queries / applications with DSP (Dept of Social Protection) or Revenue will require the employee to provide copies of both P45 and P60.
Timings
- Get any outstanding P45s to payroll as soon as possible
- Don’t wait until payroll cut-off time
- If you use a provider please include the company name, payroll frequency and date of commencement when scanning it to them
- Any P45s submitted after Dec 1st can’t be guaranteed to be processed as Revenue will be focusing on bulk issue for 2013
All the best,
The Team at Jefferson
You can get automatic updates to this blog by entering your email on the right hand side, follow us on Twitter (@jpireland), via Facebook or Google+ (just search Jefferson Payroll)
The Team at Jefferson
You can get automatic updates to this blog by entering your email on the right hand side, follow us on Twitter (@jpireland), via Facebook or Google+ (just search Jefferson Payroll)
