PAYE/PRSI Return for One Person Co.

Quick question please.
If not set up for DD on PAYE/PRSI returns as Director of Ltd company, by what date is the return due?
Also, if someone could give me an idea as to the best way to estimate a dd value for future reference that'd be really useful. ie. Is it better to pay PAYE/PRSI as if there were no expenses to be deducted and can you then claim tax back (seems tricky) or is it best to underestimate and then pay a balancing figure after the yr end accounts/return is being prepared?

Also,

Hi

If your an employee of the company then you need to return the tax and PRSI to the CG every quarter - Payment is due on the 14/7/2006 for Apr/May/June 2006..... therefore the company through its payroll system returns your tax and Prsi to Revenue and you have no personal liability.

If you have an accounts package the best thing to do is set up all your accruals for the 12 month salary cycle and pay your self the net figure each month and then every 3 months pay the revenue the PAYE and PRSI that you owe from your salary.

Note: as a director you need only charge yourself 5% PRSI and not the normal A1 class that everyone else is charged - I fell into this trap and spend ages reconciling it in my books

Hope this helps

Bob

Assuming the company PAYE/PRSI liability is less than 30K for the year, you can submit P30s on a quarterly basis. Return is due by 14th of month following quarter. So Jan - Mar return is due 14 April.

I think you're getting the company profit and salary a little confused. You should have a good idea of how much salary you can take from the company. If you decide to take 40K per year, you just work out the tax and PRSI applicable to that salary and pay it to Revenue on quarterly basis. Obviously if you are taking a different amount each quarter, you adjust your payments accordingly.

When the annual P35 is submitted and it works out that the company has overpaid tax and PRSI, this can be offset against other taxes or periods or refunded.

If your the director and when the above is done and you realise you could have taken more salary from the company you can vote in directors fees up to 6 months after your year end and pay the tax on them at that stage.

If you go the DD route you have to be careful. i think there is some rule where at the end of the year the total of your DD's cannot be more than 10% below the total paye/prsi liability. (or is it 5% ??)

Thanks everyone, that's much clearer.
It seems the easiest is to do quarterly returns and not worry about the 5/10% DD issue.
One last thing for those in the know - If the PAYE/PRSI bill is greater than Eur30k for the year, can you still do quarterly returns?

S.

No - monthly are required in that situation.

When doing the payroll for a company director should I be including their PAYE income for the year. The payroll software doesn't handle it very well, or to be fair my use of the software doesn't.
I want to be able to produce pay slips that show all the pay for the year but it seems like I must either exclude PAYE and reduce the tax free allowance or do a month by month. Any ideas\suggestions greatly appreciated. The split is roughly 8 months PAYE\4 months Director. There is no overlapping period.