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| 01/05/2023 | |||||
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| Planning for retirement | Payroll settlement agreements (PSA) |
| On 6 April 2023, the pensions annual allowance increased from £40,000 to £60,000, and the pensions lifetime allowance was effectively abolished. You can now contribute far more to your pension funds each year, and so can your employer. Any unused annual a.. Read More... | A payroll settlement agreement (PSA) is used by employers to declare and pay the tax and NIC due on benefits that they don't want the employee to be taxed on. These may be one-off benefits paid on an irregular basis, such as the use of a company flat for .. Read More... |
| Payroll hygiene |
| It is very irritating when HMRC accuses you of owing more PAYE than is actually due. This can happen when the HMRC computer has recorded a duplicate employment for an employee, without ceasing the previous employment. For example, William Smith is employe.. Read More... |
| May Questions and Answers | May key tax dates |
Newsletter issue – May 2023 1 - Where the taxpayer has not submitted their 2021/22 self-assessment tax return by midnight the following penalties apply: for online filing - £10 daily penalties for filing on paper - the greater of £300 or 5% of the tax showing on the return. 3 - Employers must submit the form P46 (Car) to HMRC for employees who have been provided with a company car for the first time during the quarter to 5 April 2023. 31 - Employers must provide a form P60 for 2022/23 to those employees who they employed on 5 April 2023. Returns under the Crown Dependencies and Overseas Territories reporting rules due for the year to 31 December 2022. FATCA returns must be submitted to the IRS for the year to 31 December 2022 |
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Unit 205, Cervantes House 5-9 Headstone Road Harrow HA1 1PD Lawrence & Co is a trading name of Lawrence & Co
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