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Accruing directors remuneration

  • 04-01-2019 10:08am
    #1
    Mac71
    Registered Users, Registered Users 2 Posts: 12 ✭


    Hi, can someone please advise on how to deal with accruing directors remuneration. I may be overthinking this and it is probably quite straight forward. Director not taking full salary until business picks up hopefully by the end of the year. He wants to accrue say €10k this year. When does the tax need to be paid on this? Is it when the remuneration is actually paid to him?
    TIA


Comments

  • #2
    spoiler
    Registered Users, Registered Users 2 Posts: 38 ✭spoiler


    Hi,

    If the company year end is 31/12 you have till 30/06 of the following year to accrue the salary into previous years accounts. The tax will need to be paid straight away. Be mindful that the P35 needs to be filed by the 15/02. I would advise if it the director has decided to accrue the salary it would be better to report it in the P35 and pay the tax on the Dec P30. If you hold off and amend the P35 interest can accrue.


  • #3
    Mac71
    Registered Users, Registered Users 2 Posts: 12 ✭Mac71


    Great, thanks for your reply. This is what I was thinking too.


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