Treatment of Pension paid by my own Company

[JoeyJackets]

I'm preparing my Form 11 for 2008 and I have a few questions if someone could help please. I also prepared my own P35 in January.


I have trading income (from a farm) and I am a proprietory Director and employee of my own company. My company pays pension on my behalf. I also prepared my own P35 in January.


- I have included both Pension Payments and Salary on the Company P35. Is this correct treatment. I figured that I was basically receiving the money from the company so it should be taxed?

- In my Form 11, I am going to enter the pension amount paid by my company as a pension payment, to have the effect of reducing my taxable income - is this the correct / acceptable treatment?

Thanks.

 

[JoeyJackets]

I have done some 'googling' and I think that I did not have to include Company Pension Payments as Gross Income so PRSI might be overpaid?

Can I ring Revenue to ask some questions without giving my name etc.?

 

[Domo]

Revenue do not usually give responses to questions without your name and PPS number.

You should complete an amended P35 and request the refund if you have overpaid.

 

[Gervan]

If the Company paid into a pension for the benefit of general employees or directors that is a company expense, nothing to do with director's pay. There is a factor based on age of director which is multiplied by the director's remuneration to find the limit of what the company can contribute.
If the pension is a personal one, and the company paid on your behalf, yes it is a benefit in kind, but cancelled out by the amount you can claim tax relief for.
Assuming you did not contribute more than allowed percentage of your relevant income ( goes on age) I would agree you have overpaid Prsi, and should ask Revenue to send you out a form to do an amended P35. It's not an unusual request; they will take a few weeks to process the refund though.