PAYE Settlement Agreement Deadline – 6 July 2019

4th July 2019

A PAYE Settlement agreement allows employers to make one annual payment to cover the tax and National Insurance liability on minor, irregular or impracticable expenses for any employees. HMRC have now changed the process for PSAs and, instead of applying for a new PSA annually, from 2018-19 employers will have an enduring agreement and therefore will only need to update HMRC when the PSA requires amendment or cancellation.

 

If you have a PSA, you will not need to:

  • Put the benefits that are covered through your payroll to work out tax and National Insurance
  • Include these benefits on a P11D form

However, grossing up calculations are required, therefore a PSA may be a more expensive option.

 

For more information on PSA’s, and some examples of benefits that may be covered, please visit the following link, or speak to your usual Whiting and Partners contact:

https://www.gov.uk/paye-settlement-agreements/whats-included



 
Other items in Blogs
 
Stephen Malkin
21st January 2021 1-Mar-21: Are you ready for new VAT Domestic Reverse Charge rules for construction services?

VAT registered businesses working within the construction sector should be aware that new reverse charge VAT administration rules are being introduced wef 1 March 2021 (delayed from original October 2019 launch date). The Government announced in the 2018 Budget that they are trying to reduce missing trader fraud; where builders collect VAT from their customers…

Read More »

Richard Alecock
13th January 2021 Information on local business grants from West Suffolk Council

Find out the up-to-date information on local business grants from West Suffolk Council during the COVID-19 pandemic:   COVID-19 support for business – grants (westsuffolk.gov.uk)

Read More »

Jonathan Moore
8th January 2021 New lockdown grants to support businesses and protect jobs

On 5th January 2021 the Chancellor announced new one-off top up grants for retail, hospitality and leisure businesses worth up to £9,000 per property to help businesses through the new lockdown.   The one-off top-ups will be granted to closed businesses as follows:   £4,000 for businesses with a rateable value of £15,000 or under…

Read More »

Chris Kelly
8th January 2021 Wrongful Trading Liability Suspension – Renewed 26 November 2020

In March 2020 the Government temporarily suspended wrongful trading provisions until 30 September 2020.   The purpose of this measure had been to ensure that company directors could continue to operate during Covid-19 without worrying about becoming personally liable for wrongful trading.   On 26 November 2020, following the 2nd lock down, new legislation came…

Read More »

Jaimie King
4th January 2021 Coronavirus loan scheme deadline extended

On 17th December the government announced a further extension to the Coronavirus Business Interruption Scheme loans (CBILS) – meaning that businesses now have until 31st March 2021 (previously 31st January) to apply.   This welcome announcement means that more businesses will be able to enter the loan scheme, benefitting from the needed funds during these…

Read More »

Nick Edgley
18th December 2020 Don’t miss 31 January deadline for filing your Self-Assessment Tax Return

The New Year is approaching and so is the deadline for filing your Self-Assessment Tax return – January 31, 2021.  Our tax experts can ensure everything is completed accurately and submitted on time.   If you need help or advice with your tax return or any other accounting or financial matters, please contact your local…

Read More »