Changing 2014 Wages / Refunding Wages

Hi,

Is it possible to refund some of 2014 wages to a Ltd company? Director is Employee and in 2014 was paid wages based on Invoices issued but one yet to be paid. This was funded by a directors loan. Accounts for the year 2014 have not yet been submitted but the P30/P35s have been.

The outstanding Invoice has not been settled but for several thousand less, due to issues on the client side.

This year the plan is to move to a PAYE job and close the company. Therefore is it possible to reverse the wages paid in 2014 and therefore avoid paying the PRSI / USC / 4% PRSI on the refunded portion of those wages? Let's say FW52 of 2014. So therefore the directors loan that was used as cashflow could be refunded.

From the lack of responses, I take it that this is a non-runner?

What about an Amendment P35 as referenced here:
http://www.askaboutmoney.com/threads/what-is-an-amendment-p35.190000/

No, not really a runner, an amended P35 is there to correct an error in payroll.

You might get away with it, as you haven't yet filed accounts, a CT1 or personal IT return, but strictly speaking if you took an amount as salary, and both you (the individual) and your employer (ie also you as director) were aware it was salary and treated it as such, you can't go back and rewrite history. From a legal point of view estoppel kicks in.

This is an area Revenue have clamped down on a bit in recent years. The principle is quite important, as otherwise it'd be open season on people coming back to amend historic returns based on subsequent events.

Hi, thank you for your reply! 'Estoppel' is my word for today.