2017 EOY Guide - Thesaurus .Thesaurus Payroll Manager – 2017 End of Year Guide 1 Thesaurus Payroll

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    ThesaurusPayrollManager2017EndofYearGuide 1

    ThesaurusPayrollManager2017EndofYearGuide

    Thisisa9stepguidetothegeneralprocessrequiredinordertomeetyouremployerendofyearobligationsinlinewithRevenuerequirementsforthetaxyearending31stDecember2017.Thisdocumentisforgeneralguidanceandreferencepurposesonlyandisnotintendedasacompleteandcomprehensiveguideastheremaybeadditionalorvaryingprocessesrequireddependantonyourspecificbusinessneedsand/orreportingrequirements.

    Contents Page

    1. Completethepayrollfor2017 2

    2. Issuefinalpayslipstoemployees 3

    3. PrepareandsubmitthefinalP30 4

    4. Complete2017medicalinsurancetaxreliefrequirements 6

    5. Reviewendofyearreports 7

    6. ReviewemployersP35liability 9

    7. PrepareandsubmittheROSP35 11

    8. IssueP60stoemployees 19

    9. Datestoremember 21

  • ThesaurusPayrollManager2017EndofYearGuide 2

    1. Completethepayrollfor2017

    Allpayrollfrequencies,forwhichyouoperatepayroll,i.e.weekly,fortnightlyand/ormonthly,shouldbecompletedpriortorunninganyendofyearRevenuereturns(P35)orissuingendofyeardocumentstoemployees(P60).Allweekly,fortnightlyandmonthlypayrollwhicharesetupand,forwhichyoufinalisepayslips,withinThesaurusPayrollManagershouldbecompletedforallpayperiods,i.e.week52/53,fortnight26,month12,whichhavea2017paydate,onorbefore31stDecember2017.Updateallpayperiodsfor2017Tocompletethesepayperiodsyoushouldfinalisethepayslipsforthelastpayperiodwhichhaveapaydateonorbefore31stDecember2017throughthePayslips>UpdatePayslips>Menu.

    Enterthepaydateapplicabletothefinalpayperiodforthispayfrequencywithintheyear.

  • ThesaurusPayrollManager2017EndofYearGuide 3

    Week53WhenshouldanemployeruseWeek53inthepayroll?Thishappenswhenapaydayfallson31stDecemberor,inaleapyear,on30thor31stDecember."Week53"occurswhentherearefifty-threeweeklypaydaysintheyear,employerspayingwagesonaSundaywillhave53paydaysin2017.ThesaurusPayrollManagerwillalwaysofferaWeek53optionsubsequenttothecompletionofWeek52.However,itshouldonlybeused(i.e.payrollinputandpayslipsfinalisedforweek53)if,oncompletionofweek52,thereisasubsequentpayperiodwithinthesametaxyear,inthiscasewitha2017paydate.Whatactionshouldanemployertake?ThesaurusPayrollManagerautomaticallyappliesanyUSCcutoffpoints,employeestaxcreditandcutoffpointsonaWeek1basisintheweek53payroll,asperRevenueregulations.Pleasenote:ifanemployee'snormalpaydayhaschangedduringthistaxyearortheprecedingtaxyear,theadditionalUSCcutoffpointsdonotapply.YouwillneedtoinstructthesoftwareiftheadditionalUSCcutoffpointsarenotapplicabletoanemployee.TopreventtheadditionalUSCcutoffpointsbeingallocatedgotoEmployees>Add/AmendEmployees>Selecttheemployee>ClicktheRevenueDetailstab>Ticktoindicateexemptions/exclusionsapply>ticktoexcludetheemployeefromtheweek53USCconcession>updatetosavethechange.

    2.Issuefinalpayslipstoemployees

    Oncompletionofthefinalpayrollforeachfrequencythatyourunpayroll(i.e.monthlyand/orweekly/fortnightly)issuethefinalpayperiodpaysliptoeachemployee.

    Payslipscanbeprintedoremailed,asperyourrequirements.

  • ThesaurusPayrollManager2017EndofYearGuide 4

    3.PrepareandsubmitthefinalP30

    Oncompletionofthefinalpayperiodfor2017,preparetheP30reportandsubmitthefinalP30forthetaxyear.PreparetheP30reportSelectthesameP30reportasyouhaveusedtodate,eithertheP30byweeknumberortheP30bydate.

    ReviewtheP30totalsforthefinalP30period,i.e.Month/Quarterending31stDecember2017.

    SubmittheP30returnfortheperiod,arrangingpaymenttoRevenueinaccordancewiththeP30deadline.

  • ThesaurusPayrollManager2017EndofYearGuide 5

    UpdatethePaymentRecordWithinThesaurusPayrollManager,updatetheP30paymentrecord,withtheamountanddateofthefinalP30payment.Thesoftwarewillaccepta2018datewithinthisutility.ThiswillhelpyoureconcileanyendofyeardifferenceswithRevenuerecordsortoidentifyanybalancepayableorreclaimablefromRevenue.

    ImportantNote:ThedatethatRevenuedebitthefinalP30paymentfromyourbankaccountmaybeaftertheP35submissiondate-thereforethisamountmayshowasoutstandingwhensubmittingyourP35.ItisimportanttobeawareofthedatevariancebetweentheP35submissionandfinalP30debitdatesothatitisnotpaidagainatthetimeofsubmittingtheP35.

  • ThesaurusPayrollManager2017EndofYearGuide 6

    4.Complete2017MedicalInsuranceTaxReliefrequirements

    Thetaxreliefonmedicalinsurancepremiumsiscappedat1,000peradultand500perchild.Wherepremiumsexceedthesethresholds,theexcesswillnotqualifyfortaxrelief.

    2017P35requirement

    Whereanemployerpaysmedicalinsurancepremiumsonbehalfofanemployee,employersarerequiredtoincludetheportionofthemedicalinsurancepremiumthatiseligiblefortaxreliefforeachemployee,onthe2017P35.

    Medicalinsuranceproviderswilladviseemployersoftheamountsforeachemployee.ThisinformationmustbeenteredforallapplicableemployeesintoThesaurusPayrollManagerpriortosubmittingtheP35.

    ImportantNote:ThesaurusPayrollManagerwillnotprepareaROSP35untilthisrequirementismet.Thisonlyaffectsemployerswithemployeesonthepayrollforwhomamedicalinsurancebenefitispresentinthe2017payroll.

    UpdateMedicalInsuranceEligibleforTaxRelief

    FromtheUtilitiesmenu,chooseInputMedicalInsuranceEligibleforTaxRelief

    Allemployeeswillbelisted,choosethefirstemployeerecord,forwhomamedicalinsurancebenefitinkindexists,fromthislisting.

    EntertheTaxReliefatSource(TRS)/medicalinsuranceeligiblefortaxreliefvalue,asadviseddirectlybythecompanysmedicalinsuranceprovider.ThesaurusPayrollManagerwillautomaticallyincrementanyTRSfigureenteredtogivetheMedicalInsurancePremiumwhichiseligiblefortaxreliefwhichistheRevenueP35requirement.Thisamountcannotexceedthetaxablepremiumpaidbytheemployer,i.e.thevalueofthebenefitthattheemployeehasbeentaxedonthroughthepayrollyeartodate(aswillbeshownfromthebenefitinkindscreen).

  • ThesaurusPayrollManager2017EndofYearGuide 7

    SelectUpdatetosavetheentryandproceedthroughtheemployeelistinguntilallrelevantemployeerecordshavebeenupdated.

    5.Reviewendofyearreports

    ReviewtheyearendreportsinThesaurusPayrollManagertoensurethatyouaresatisfiedwiththefinalpayrollinformationandfigurespriortoproceedingtotheP35submission.

    AccessYearEndP35report

    GototheP35/P60smenu

    SelecttheP35spreadsheet/filecopy

  • ThesaurusPayrollManager2017EndofYearGuide 8

    Thisreportgivesafulllistingofallemployeesemployedwithinthetaxyearforallpaymentperiods(weekly/fortnightlyandmonthly).

    ReviewtheP35report

    Theemployeeswages,asprocessedeachpayperiod,areaccumulatedanddisplayed.ItisthisinformationthatwillbetransferredtotheP35fileforROSsubmissiontofileyourannualwagereturn.

    Performaseriesofpayrollchecks,suchas:

    a) Allemployees/directorsemployedduringtheyeararelisted

    b) Confirmthefiguresenteredonthepayrollarecorrect

    c) EachemployeehasaPPSnumberpresent,intheabsenceofaPPSnumberthedateofbirthandfulladdressisrequired(wheretherehasbeenadeductionofLPT,aPPSnumberismandatory)

    Ifanyemployeehashadmultipleemploymentsduringthetaxyear,ThesaurusPayrollManagerwillautomaticallymergesuchrecordswhenpreparingtheP35forROSasperRevenuerequirements.

    CorrectPayrollErrors

    Ifthereareanyerrorsoromissionsonthisreport,theseshouldberectifiedbeforeproceedingtoprepareandsubmittheP35.

    TheReverseUpdatefeaturemaybeusedtorevisehistoricalpayrollifappropriatetodoso.

    Forinformationwhichisomitted,suchasPPSnumber,address,dateofbirthetc.,simplyupdatetheemployeerecordinAdd/AmendEmployees.

  • ThesaurusPayrollManager2017EndofYearGuide 9

    6.ReviewemployersP35liability

    PriortosubmittingtheP35,thepaymentstatusoftheemployershouldbeestablished:

    a) IsthereabalancepayabletoRevenueonsubmissionoftheP35inadditiontotheperiodicalP30paymentsmadeonaccount?or

    b) Hastheemployeroverpaidonaccount,thereforeinareclaimableposition?or

    c) IstherenilduetoRevenue?

    PleasenoteyoushouldreconcilepaymentsmadetoRevenueasperyourROSaccount.ThiscanbedonebypreparingaROSstatementof2017paymentsmadeonaccount.

    ToprepareaROSstatementof2017paymentsmadeonaccount:

    CheckyourP30periodicalpaymentsmadeonaccounttoRevenueforthetaxyear2017,byloggingintoyourROSaccountandselectingRevenueRecord

    FromtheOPTIONSmenu(onthelefthandside)choosetoviewPayments

    SelecttheTaxTypePAYE-EMPandthetaxyear2017

    Allpaymentsmadeforthetaxyearwillbedisplayedonscreen

    IncludependingpaymentsarrangedviaRDIorpaidbychequeOnsubmittingtheDecemberP30,aROSDebitInstruction(RDI)isarrangedtosettlepaymentfortheP30.Thisisnotusuallydebitedfromthebankaccountuntilthe23rdofthesubsequentmonth,i.e.23rdJanuary2018.

    WhenpreparingtheRevenuerecordofpaymentspriorto23rdJanuary2018,theDecemberpaymentmaynotbeincludedasthedebitwillnotbemadefromyourdesignatedbankaccountuntil23rdJanuary2018.Ifthisisthecase,adjustyourtotalpaymentsmadetoRevenuetotakeaccountofthisinreconcilingtotheThesaurusPayrollManagerP30totals.Likewise,ifyouhavepaidbycheque,thechequemaynotyethave

  • ThesaurusPayrollManager2017EndofYearGuide 10

    beenpresentedatthebank.Ifthisisthecase,adjustyourtotalpaymentsmadetoRevenuetotakeaccountofthisinreconcilingtotheThesaurusPayrollManagerP30totals.

    PreparetheP30reportwithinThesaurusPayrollManager

    PreparetheP30reportinThesaurusPayrollManager(asperStep3above).

    ComparethepaymentsmadeonaccounttoRevenuetotheP30totalsfor2017asshownontheThesaurusPayrollManagerP30report.

    AnydifferencesshouldbeidentifiedandinvestigatedpriortosubmittingtheP35.

    WhywouldtherebeataxbalancedueontheP35?

    IfyouhavenotsubmittedtheP30sinaccordancewiththeP30reportascomputedbyThesaurusPayrollManagerandhavepaidaloweramount

    IftherewasabasicerrorintheamountsenteredwhencompletingaROSpaymentinstruction,forexample,PAYE2,389.00enteredinsteadof3,289.00

    If,duringthetaxyear,payrollperiodswe