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P30 Returns

  • 08-04-2008 9:34am
    #1
    narcissism
    Closed Accounts Posts: 35 ✭


    Myself and my wife have a small business with 8 part time contractors that invoice us for payment. We are registered as a partnership but we also have ourselves registered as an employer even though the only employees currently are myself and my wife (Equal Directors).
    We plan on taking on a full-time employee soon and that is why we are registered as employer.

    My question is:
    I have been drawing a small monthly wage as director but I'm presuming I do not have to make a return on P30 for that as I will file my returns at the end of the year - is that correct? So am I correct in returning the P30 forms as zero?


Comments

  • #2
    boomer_ie
    Closed Accounts Posts: 392 ✭✭boomer_ie


    narcissism wrote: »
    Myself and my wife have a small business with 8 part time contractors that invoice us for payment. We are registered as a partnership but we also have ourselves registered as an employer even though the only employees currently are myself and my wife (Equal Directors).
    We plan on taking on a full-time employee soon and that is why we are registered as employer.

    My question is:
    I have been drawing a small monthly wage as director but I'm presuming I do not have to make a return on P30 for that as I will file my returns at the end of the year - is that correct? So am I correct in returning the P30 forms as zero?

    Narcissism

    You need to talk to your accountant if you have one, if not get one. With the brief information you have given me the figures should not be zero (Directors PRSI is 5.5%) and depending on the amounts you may have Tax to pay as well although you can pay the tax at the end of the year in your own personal returns.


  • #3
    Musha
    Closed Accounts Posts: 497 ✭✭Musha


    narcissism

    You should be paying tax and prsi on payments/wages taken from the company unless you are repaying yourself the seed money back that you invested. Speak to an accountant as soon as possible


  • #4
    narcissism
    Closed Accounts Posts: 35 ✭narcissism


    Thanks both for your help and advise!!


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