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
 
Jeannette Hume
20th October 2020 Indexation Relief: Bank it

The Office of Tax Simplification (OTS) has been in consultation with individuals, businesses as well as professional advisers – including accountancy bodies – to review the capital gains tax system and see whether there is any scope to simplify the current tax system. The consultation process closes on 9th November 2020.   Speculation has been…

Read More »

Steven Denton
15th October 2020 Job Retention Bonus (JRS)

HMRC have announced more details on the Job Retention Bonus scheme they set forth in July. The JRS allows an employer to claim a one-off payment of £1000 per employee furloughed and claimed for through the CJRS and kept employed until at least 31st January. This money is to be paid to the employer and…

Read More »

Jaimie King
12th October 2020 AGM deadline extension for Charities

Due to Coronavirus, the Charity Commission had previously released guidance allowing Charities to postpone their scheduled AGMs to 30th September 2020, and allowing them to be held digitally.   This guidance has now been updated to allow postponement of AGMs to 30th December 2020.   The updated guidance can be viewed at – https://www.gov.uk/guidance/coronavirus-covid-19-guidance-for-the-charity-sector  

Read More »

Oliver Taylor
12th October 2020 What to do if your charity is facing financial difficulties?

In recent months many charities have found themselves in financial difficulties and an uncertainty of long-term survival, often caused by factors out of their control. Most notably the ongoing Covid-19 outbreak, which has had several knock-on effects such as a reduction in donation income or decreased operating capacity during the tightened lockdown rules. Other external…

Read More »

Ian Piper
9th October 2020 Pre-Packs: All change?

After many years of perceived abuse, the Government has announced that they are soon to introduce new laws to require stricter, independent, scrutiny where connected parties purchase a failed business out of liquidation. In announcing the move, the government said that while pre-pack administration sales are widely considered to be a valuable rescue tool, concerns…

Read More »

Ben Beech
8th October 2020 Countryside Productivity Small Grant Scheme – Round 3

  £25 million has been made available in the third and final round of The Countryside Productivity Small Grants Scheme. The scheme offers grants of between £3,000 and £12,000 to fund a wide range of new equipment and technology in an attempt to help farmers improve efficiency whilst also benefitting the environment.   Potential applicants…

Read More »