P60 and P35 Replacements
P60 and P35 Replacements, Clarifications, Obligations and Guidelines
2018 was the final year you could issue your employees with a P60. From January 1st 2019 Revenue have instead implemented the P60 replacement called the Employment Details Summary (EDS). Revenue has made the EDS readily available to employees via their myAccount. The EDS contains all relevant information about an employee’s employment such as USC, PRSI, LPT, Pay summary and Income tax. Like the P60, the EDS acts as a form of income verification (financial institutions, HSE or County Council). You may also save and print all details from your myAccount.
Employment Details Summaries will be available to view within MyAccount from the beginning of January, however it is recommended that employees wait until after 15th January to access these in case their employer submits corrections up until this correction deadline date.
Similarly, the P35 was replaced on January 1st 2019 but you still must report payroll information to Revenue at the time you pay your employees. How this is done is with the Revenue Payroll Notification (RPN). It is important that you are using the correct, most up to date credits and cut-off point for your employees. The P35 was the annual return that is completed by all registered employers after the tax year end. This form held such details as Pay As You Earn (PAYE), Pay Related Social Insurance (PRSI), Universal Social Charge (USC) and the Local Property Tax (LPT). However now in accordance with PAYE Modernisation this information is all reported to Revenue in real time via the Revenue Payroll Submission.
Follow the link for more details on employer obligations.
For more on P60s, P35s, PAYE Modernisation and related content read:
Paycheck Plus, Your Outsourced Payroll Provider
Paycheck Plus is Ireland’s leading payroll outsourcing company. We provide award-winning Irish payroll services. Our ISO and ISAE 3402 accredited payroll bureau serves businesses across Ireland and the UK, with industry-leading accuracy levels, strict levels of confidentiality and top-rated payroll processes that cover all your UK and Ireland payroll‘s needs.
Our highly experienced payroll processing experts can help you to navigate all aspects of local taxation and help ensure legal compliance, while our payroll software helps you consolidate your payroll processes into one simple and efficient workflow.
To ensure payroll accuracy or for more information request a call-back or call our Irish payroll company on +353 (0) 1 905 9400. Alternatively, you can contact our UK payroll agency on +44 (0) 161 464 8720