22 May 2023
HM Revenue and Customs (HMRC) has updated the ‘Help with PAYE Settlement Agreement calculations — GfC1 Guidelines for Compliance’.
A PAYE Settlement Agreements (PSA) allows as an employer to make one annual payment to cover all tax and national insurance contribution (NIC) liability, due on items that are minor, irregular or impracticable expenses (or benefits) to employees.
The guideline outlines HMRC’s preferred method of submitting calculations for PSA. The guidance is also to help employers reduce the risk of error when calculating a PSA.
The guidance includes information on:
-
entering into an agreement
-
how to pay an agreement
-
common errors and risks
-
calculating the amount to pay
-
what to do if you’ve made a mistake.
HMRC has also added information on how to get a PSA online under the section ‘How to enter an agreement’ in the guidance. The online service can also be used to cancel or amend a PSA. HMRC has clarified the information under ‘How to pay an agreement’.
Find out more about PSA here.
Information provided in this news article may be subject to change. Please make note of the date of publication to ensure that you are viewing up to date information.