1 / 11

PAYE Accountants System

Before giving you a salary or pension, the deductions of tax and national insurance contributions are done.<br>

carlenecromedy
Download Presentation

PAYE Accountants System

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. PAYE Accountants system – Things to know BNW accountants is one of the UK’s fast-growing low cost, fixed fee accountancy, tax returns, and taxation firm based limited company in Surrey, offering services across London, all over the UK and Europe. It offers its customers highly professional, reliable and stress free accounting and taxation services by working with each of the client as one family. Email: info@bnwaccountants.co.uk Phone: 0208 648 0800 141 Morden Road, Mitcham, CR4 4DG

  2. 1 The PAYE accountants (Pay As You Earn) system is a process to pay national insurance contributions and income tax. Before giving you a salary or pension, the deductions of tax and national insurance contributions are done.

  3. 2 The method used by the employer to deduct tax under PAYE The employer deducts the tax through a special "tax code" use by HMRC. This code will tell how much tax should deduct from wages or pension. And if HMRC doesn't give full tax code then use an emergency tax code until the tax code can be adjusted.

  4. 3 What's in the tax code: Following Letters will tell you which tax or capital allowances you are receiving: L: born after 5 April 1948 - eligible for the basic personal allowance. P: born between 6 April 1938 and 5 April 1948 - eligible for full age-related personal allowance Y: born before 6 April 1938 - eligible for full age-related personal allowance There are some other codes also available.

  5. 4 The number in the tax code The number in the text means the total number of available allowances.

  6. 5 Where to find your tax code You can find your tax code via PAYE tax code: That can be: A code notice that is sent by the tax office Payslip The statement of your pension

  7. 6 Emergency tax codes: If the tax office doesn't give you tax code then an emergency tax code is available. The emergency code is only enabled to the basic personal allowance. The letter L will include on your PAYE tax code which means that you are getting a personal allowance.

  8. 7 Notice of coding: The notice of coding is the your tax code if you want to pay via PAYE system. This notice is generally sent in January or February for the tax year which starts on 6 April.

  9. 8

  10. 8 Important Note: If you change your circumstances during the tax year, you need to inform HMRC as soon as possible. This is an important part for PAYE sole trader accountants in London

  11. Follow us Facebook TwitterLinkedInInstagram For more details visit our Website! Limited Company for contractors

More Related