Is waiting for the P60 really necessary?

nsa0bupkd3948x

I have all my payslips for the year ( I only started towards the end). I know how much tax was deducted (including PAYE, USC, PRSI breakdown).

I have all the figures to requested a balancing statement and tax refund. However, it says I should be taking the numbers from my P60 which won't be available for another 3 weeks. Do I really need the P60 or can I take the figures from my payslips?

relax carry on

Jared Curved Barefoot wrote: »

I have all my payslips for the year ( I only started towards the end). I know how much tax was deducted (including PAYE, USC, PRSI breakdown).

I have all the figures to requested a balancing statement and tax refund. However, it says I should be taking the numbers from my P60 which won't be available for another 3 weeks. Do I really need the P60 or can I take the figures from my payslips?

You could use your final payslip of the year however many users enter the figures incorrectly which can cause issues. Reading the p60 and entering the figures is easier.

CIARAN_BOYLE

Also important is that revenue are unlikely to issue a refund until they get the tax paid to them by your employer (in the p35 that your employer is supposed to pay at the same time he generates your p60).

barneystinson

CIARAN_BOYLE wrote: »

Also important is that revenue are unlikely to issue a refund until they get the tax paid to them by your employer (in the p35 that your employer is supposed to pay at the same time he generates your p60).

I don't think that's correct?

If an employee (other than a director subject to a.997A) has tax deducted from their pay by an employer, they're entitled to credit for it. The remittance / recovery of that tax is a matter that's between the employer and Revenue.

Bubbaclaus

barneystinson wrote: »

I don't think that's correct?

If an employee (other than a director subject to a.997A) has tax deducted from their pay by an employer, they're entitled to credit for it. The remittance / recovery of that tax is a matter that's between the employer and Revenue.

Revenue won't know how much tax has been deducted from the employee by the employer until the P35 is filed. Can't seem them issuing anything until they can verify the figures.

relax carry on

Revenue issue refunds right from the start of January using the automated my account system. The p35 doesn't need to be one file at that stage as the user can manually enter their own figures. Errors can happen at this stage as the users aren't reading their payslips correctly.
Some of the reviews which result in overpayments/underpayments are held for manual checking which may be what you are thinking of.

It would be better alright to wait for the p35 to show up to cut down on the errors but not all employers file on time.

barneystinson

Bubbaclaus wrote: »

Revenue won't know how much tax has been deducted from the employee by the employer until the P35 is filed. Can't seem them issuing anything until they can verify the figures.

That kinda flies in the face of a self assessment tax system though..?

On a risk basis, if a person claimed a substantial repayment it's common sense for them to seek appropriate confirmation.

And don't forget, not all employers are tax compliant and file a P35 anywhere near on time. Are you saying that Revenue could justify indefinitely withholding my tax refund because of the action or inaction of my employer...? I don't think that would fly, in front of a judge or appeal commissioner.

CIARAN_BOYLE

barneystinson wrote: »

That kinda flies in the face of a self assessment tax system though..?

Interestingly a p21 doesn't involve the self assessment system but the form 12 does. That said Revenue are moving toward more form 12s than p21s.

barneystinson wrote: »

And don't forget, not all employers are tax compliant and file a P35 anywhere near on time. Are you saying that Revenue could justify indefinitely withholding my tax refund because of the action or inaction of my employer...? I don't think that would fly, in front of a judge or appeal commissioner.

I've seen revenue move very quickly on a prosecution for a late p35. I later discovered that a staff member had filed a form 12 and it was selected for verification and the prosecution was made to secure verification.

barneystinson

CIARAN_BOYLE wrote: »

Interestingly a p21 doesn't involve the self assessment system but the form 12 does.

I know what you mean, but I wasn't talking about self assessment in that context.

My point is that you can't say that a particular class of earners (those who don't even receive their income gross, by virtue of a system of deduction which is primarily for the convenience and expedience of the state) aren't entitled to self declare their income while others (chargeable persons) can.