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Accrued Salaries

Heisenburg81 · 2017-12-02 00:26:42

If a company has for example a 12 month AP ending on 31.05.2017. Directors salaries are not put through monthly payroll but just voted at year end depending on the profits or amounts required to bring the directors loans into credit. Is there where Section 966 TCA 97 kicks in? Are the salaries deemed to occur from the 1st…

02-12-2017 12:26am

#1

Heisenburg81

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Join Date: December 2016

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If a company has for example a 12 month AP ending on 31.05.2017.
Directors salaries are not put through monthly payroll but just voted at year end depending on the profits or amounts required to bring the directors loans into credit.
Is there where Section 966 TCA 97 kicks in?
Are the salaries deemed to occur from the 1st day of the AP and if not declared on the P30 for November 2017 (6 months after end of relevant period) then S 966 applies and interest etc applies from 01.06.2016?
But, this could be circumvented by declaring a nominal salary in the P35 for 2016 and then under self - correction can be amended without penalty/interest within 12 months of P35 date?

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