PAYE Archives - Page 2 of 3 - Potts & Co Accountants Ltd

Sep 08 2022

Potts & Co Accountants Ltd - Accountancy & Business Advice

Cost Of Travelling To Work

By admin Expenses, HMRC, PAYE, Potts & Co Accountancy & Business Advice News, Travel Expenses

Travelling to the workplace may now be unaffordable for some employees but employers who help by reimbursing travel expenses could be creating an extra tax burden for themselves and their employees. The journey between an employee's home and their permanent workplace is treated as ordinary commuting and is not a…

Dec 18 2021

Paying Tax To Right Account

By admin Corporation Tax, HMRC, Income Tax, PAYE, Potts & Co Accountancy & Business Advice News, VAT

Your business probably pays several different taxes to HMRC: corporation tax or income tax; VAT; and PAYE all at different intervals. If the tax payment is not correctly accounted for by HMRC and set against the right tax account for your business an erroneous tax debt may arise. HMRC receives…

Sep 07 2021

Check Your Tax Calculation

By admin Dividends, HMRC, Income Tax, P800, PAYE, Personal Tax, Potts & Co Accountancy & Business Advice News

Individuals who are taxed under PAYE and who do not complete an annual tax return may receive a tax calculation (on form P800) from HMRC covering the previous tax year. If you have received such a tax calculation, please check it carefully and send a copy to us to check…

Jun 22 2020

Off-payroll Working Deferred

By admin Covid-19, HMRC, IR35, National Insurance, PAYE, Personal Service Company (PSC), Potts & Co Accountancy & Business Advice News

Changes to the application of the IR35 rules (known as off-payroll working) were due to come into effect from 6 April 2020 but due to the COVID-19 pandemic, those changes have been deferred until April 2021. The reforms apply where a worker supplies his or her services through a personal…

Mar 07 2020

Loan Charge Action

By admin HMRC, Loans, National Insurance, PAYE, Potts & Co Accountancy & Business Advice News

If you received loans in place of your salary and did not fully repay those loans before 5 April 2019 you may be liable to pay PAYE and NIC on the outstanding amounts as if they were paid as salary on 5 April 2019. This tax is known as the…

Jun 08 2019

Best Start for New Employees

By admin PAYE, Potts & Co Accountancy & Business Advice News

Do you use the HMRC approved starter checklist when taking on new employees? This form is not optional; all new employees should complete it even if they present a completed form P45. Page one of the starter checklist asks the individual to tick box A, B or C next to…

Dec 15 2018

Earlier Year Underpayments

By admin HMRC, PAYE, Potts & Co Accountancy & Business Advice News

Tax calculations are now largely automated. When your tax return is submitted the HMRC computer calculates how much tax you owe, or whether a tax repayment is due, and issues a tax statement. If HMRC's result agrees with the tax figure the software came to, everyone is happy and your…

Nov 08 2018

Tax Cuts & Cliff Edges

By admin Budget Update, PAYE, Personal Tax, Potts & Co Accountancy & Business Advice News

There was good news for individual taxpayers in the Budget; the personal allowance will rise from £11,850 to £12,500 on 6 April 2019. This will provide taxpayers on the basic rate (20%) with an income tax saving of £130 per year. Those who pay tax at higher rates will also…

Sep 16 2018

Penalties For Late PAYE

By admin HMRC, PAYE, Potts & Co Accountancy & Business Advice News

All payroll payments and deductions must be reported to HMRC under real time information (RTI). The main RTI report is the full payment submission (FPS), which should be sent on or before the day the payment is made to the employee. If no payments are made for the pay period,…

Sep 09 2018

Income Tax Calculations

By admin HMRC, Income Tax, PAYE, Personal Tax, Potts & Co Accountancy & Business Advice News

Every year HMRC reconciles taxpayers' tax liabilities to the tax reported as paid for the individual via PAYE. This is happening now for the 2017-18 tax year. If the calculation for your tax position shows tax owing, or a tax repayment due, you should receive a copy of the calculation…

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