HMRC launches PAYE code tool
HMRC has launched a new online tool to help you understand your PAYE code. What is it and how can you use it?
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Free childcare for company owners?
You’re an owner manager and your daughter is due to start nursery. You understand that working parents can get free childcare but a friend said this isn’t available if you only pay yourself dividends. Is this true and what can you do to qualify?
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CT61
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Getting the NI on benefits right
Getting the National Insurance (NI) treatment of employee benefits wrong remains a common issue for employers, particularly where the benefits are payrolled. Errors can lead to underpaid NI and potential compliance action. What should you check?
Your tax code is what your employer or pension provider uses to deduct tax from your payments. When changes are required, you are sent a P2 coding notice showing how the code is worked out. The notice can be confusing, and cause worry. HMRC has launched a new online tool to help you. You need a few details to use it, namely your:
- tax code
- annual income, before any deductions
- company benefits details (if any)
- State Pension amount (if any).
In some circumstances, you may find you need to change your code, and the tool directs you to the relevant service to do this.
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