It pays to look after your staff, including ensuring they get necessary treatment for injuries incurred whilst working – these are the tax rules that impact this help
HMRC starter checklist for all new employees and getting the PAYE code right
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.
Earlier year underpayments
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.
Claw-back of child benefit
The high income child benefit charge (HICBC) was introduced in January 2013 to claw back child benefit where the highest earner in the family has total net income of £50,000 or more.
Tax cuts and cliff edges
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.
Rollout of IR35 rules postponed
Where an individual works through his or her own personal company to provide services, such as IT consultancy, that company must abide by the “IR35” rules
PAYE income tax calculations
Every year HMRC reconciles taxpayers’ tax liabilities to the tax reported as paid for the individual via PAYE.
Have you received a pension lump sum?
If you have taken a lump sum from your pension fund you may have had excess tax deducted by the pension company, but you can reclaim it.
Do you have a company electric car?
Electric cars are creating a buzz in environmentally-conscious companies, and not just because of the noise they make. They are cheap to run and the price of many models is coming down.
Penalties for late PAYE returns
All payroll payments and deductions must be reported to HMRC under real time information (RTI).
Scottish income tax rates
Income tax for Scottish taxpayers is set to change significantly from 6 April 2018, as their earnings, pensions and profits will be subject to up to five rates of Scottish income tax.
Check your PAYE code for interest
When you receive your PAYE code or tax computation, carefully check any amount of interest shown as received.