Paying the right amount of tax through PAYE
03 April 2017
From May 2017, HMRC will use real time information to make automatic adjustments to Pay As You Earn (PAYE) tax codes as they happen.
As we know the current process is that any under payment of tax that remains owing at the end of the tax year can either be coded out, by way of an adjustment to the following year tax code, or be paid in full by the tax payer/s. From April 2017, HMRC will be looking to the data that has been submitted using the Full Payment Submissions (FPS) by employers and pension companies and assessing during the tax year whether an individual looks to be on target to owe a balance at the close of the tax year, and where this happens, amend their tax code to make that collection, before and not after it arises.
Join one of HMRC’s Talking Points webinars on Wednesday 5 April to find out how this will affect employers and their staff:
Wednesday 05 April - 11pm to midday..........Register now for this meeting
Wednesday 05 April - 2pm to 3pm.................Register now for this meeting