Taxpayers with undeclared tax liabilities must notify HMRC by 30 November 2009 of their intention to make a disclosure if they wish to take advantage of the favourable terms offered by HMRC. According to HMRC NDO is a never to be repeated opportunity!
If you would like advice or assistance please contact us on 0115 9565171 or by visiting www.marshallsmalley.com
Monday, 5 October 2009
The Big Problem with PAYE
Most taxpayers pay their tax through the Pay As You Earn (PAYE) system. Whilst the principle of PAYE is simple the reality can be problematical!
In our experience the most common and best avoided problem with PAYE is operation of Incorrect Tax Codes.
Tax codes are the keystone of the PAYE system. Your tax code ultimately determines how much tax you will pay. The accuracy of your tax code depends on HMRC being supplied with correct information on a timely basis and the tax office processing it correctly.
Best advice is to check your tax code and review it if you have a change of circumstances.
For example, if you turn 65 or 75 and therefore qualify for age-related relief – then your tax code will need to be changed. The tax office may or may not do so automatically.
If you would like help with your tax please contact you local accountants in Nottingham on 0115 9565171 or visit www.marshallsmalley.com
In our experience the most common and best avoided problem with PAYE is operation of Incorrect Tax Codes.
Tax codes are the keystone of the PAYE system. Your tax code ultimately determines how much tax you will pay. The accuracy of your tax code depends on HMRC being supplied with correct information on a timely basis and the tax office processing it correctly.
Best advice is to check your tax code and review it if you have a change of circumstances.
For example, if you turn 65 or 75 and therefore qualify for age-related relief – then your tax code will need to be changed. The tax office may or may not do so automatically.
If you would like help with your tax please contact you local accountants in Nottingham on 0115 9565171 or visit www.marshallsmalley.com
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