P35 2016 Deadline Fast Approaching
With the P35 deadline for 2016 fast approaching, as of January 2015 Revenue has issued a notice to employers regarding the completion of the P35 return. In this included the reminder to include any amount of medical insurance (if applicable) eligible for tax relief.
Where an employer pays Medical Insurance as a benefit in kind for an employee, the ‘Medical Insurance Premium eligible for tax relief paid by employer’ field on the P35L must be completed. The amount of Medical Insurance eligible for tax relief is capped at €1,000 per adult and €500 per child.
Gross premium paid (in respect of a single-person adult policy) by employer in 2016 was €1,500
P35L ‘Medical Insurance Premium eligible for tax relief paid by employer will be €1,000
It is the amount eligible for tax relief (€1,000) that should be included on the P35L and not the amount of Medical Insurance paid by the employer.
Employers: The deadline for 2016 is February 15th.
File your return and associated payment the easy way through ROS – the extended deadline if you both file and pay through ROS is 23rd February.