Understanding your tax code
Tax codes are fundamental to the operation of PAYE. If your tax code is correct, you should pay the right amount of tax on your
Tax codes are fundamental to the operation of PAYE. If your tax code is correct, you should pay the right amount of tax on your
Although the deadline for submitting your 2022/23 tax return online is midnight on 31 January 2024, if you owe tax and you want to have
It can be a risky business being a director of a UK company these days. It is a common myth that the limited liability status
If you need to file a self-assessment tax return for 2021/22, you must do this online by 31 January 2023 if you want to avoid
If you receive rental income from properties that you let out, you will need to tell HMRC about it on the property pages of your
HMRC can issue a determination when a taxpayer has failed to submit a tax return. The determination is HMRC’s formal calculation of tax that it
Employers must act as a tax collector for HMRC, deducting tax, National Insurance and, if applicable, student loan deductions, from their employees’ pay and pay
Legislation surrounding ‘Trivial Benefits’ was introduced to save employers from having to report relatively small amounts given to employees as taxable on a form P11D.
Under the PAYE ‘Real Time Information’ scheme employers report to HMRC electronicallybefore making any salary or wage payments. To ensure that the right amount of
The self-assessment tax return for 2020/21 must be filed online by midnight on 31 January2022 if a late filing penalty is to be avoided. The
Expenses and benefits returns P11D and P11D (b) for 2020/21 need to be filed by 6 July 2021. Meeting this deadline is important as penalties
As part of the Chancellor’s Coronavirus support package taxpayers were permitted to defer payment of the July 2020 income tax Payment on Account instalment until
Reclaim SSP for Covid-19 absences Small employers can now reclaim statutory sick pay (SSP) paid to employees who were absent from work due to the
Trivial benefit traps – Contractual obligations The trivial benefits exemption allows employers to provide employees with low cost benefits free of tax and National Insurance
Weighing up LLPs A limited liability partnership (LLP) is similar to an ordinary partnership in that a number of people or limited companies join together
Payroll – how to deal with new starters From a payroll perspective, there are various tasks that an employer has to perform when they take
A PAYE Settlement Agreement (PSA) enables the employer to pay the tax and National Insurance instead of the employee on those benefits and expenses included
Where employees were provided with taxable benefits and expenses in 2018/19, these must be notified to HMRC. The reporting requirements depend on whether the benefits
HMRC commonly find errors in relation to directors’ loan accounts when making routine reviews of company tax returns. This article looks at the importance of
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