Reduced frequency of tax returns and payments for Employers PAYE/PRSI and VAT, have being extended to newly eligible customers. The arrangements below which were introduced during 2006 and 2007 are being extended to include newly eligible customers from 1 January 2010.
The reductions relate to
- Business making total annual PAYE/PRSI payments up to €28,800, are eligible to make their payments on a quarterly rather than monthly basis.
- Businesses making total annual VAT payments of less than €3,000 became eligible to file VAT returns and make their payments on a 6 monthly basis
- Businesses making total annual VAT payments of between €3,000 and €14,400 became eligible to file VAT returns and make their payments on a 4 monthly basis.
The idea of the Revenue in implementing these reduction timescales is to improve cashflow for businesses as payments only have to be made at the end of each quarter, 4 monthly period or 6 monthly period as appropriate. Of course, if Paycheck Plus is looking after filing your Revenue Returns the only difference to you is cash flow as you do not have to worry about the administration issues of filing your payroll revenue returns (P30’s, P45’s, P35 etc).
The Revenue is currently writing to all eligible businesses to advise them of the reduced frequency which will take effect from 1st January 2010.