HMRC’s latest Employer Bulletin reminds PAYE taxpayers to claim any refunds online and employers to review their PSA calculations and off-payroll working procedures, and highlights changes to the requirement for PAYE taxpayers to complete tax returns:
The Bulletin covers the following
topics:
Tax calculation repayments for PAYE taxpayers: HMRC are changing the way they repay the majority of PAYE taxpayers who are eligible to claim their repayment online. Taxpayers now will need to claim their repayments at tax overpayments and underpayments. From 31 May 2024, cheques are no longer automatically being sent out where a claim has not been made online.
PAYE Settlement Agreement calculations 2023/24: a reminder of the process.
Operating payroll: real time information for off-payroll working (IR35): details for deemed employers.
Reporting advances of salary: a reminder of the rules introduced on 6 April 2024 (in essence, to report the advance when the remainder is paid).
Paying Class 1A NICs: a reminder to use the right payment reference, and of the 22 July 2024 payment deadline.
Self-assessment threshold change for taxpayers taxed through PAYE only: a reminder that the threshold is increased to £150,000 for 2023/24, and will be removed for 2024/25 onwards (although returns will still be required where other criteria apply).
Spotlight 64: a warning for employment agencies using umbrella companies.
Separately, HMRC have also updated their CWG5 guidance to correct the Class 1A NICs rate for 2023/24 to 13.8%.
HMRC’s latest Employer Bulletin reminds PAYE taxpayers to claim any refunds online and employers to review their PSA calculations and off-payroll working procedures, and highlights changes to the requirement for PAYE taxpayers to complete tax returns:
The Bulletin covers the following
topics:
Tax calculation repayments for PAYE taxpayers: HMRC are changing the way they repay the majority of PAYE taxpayers who are eligible to claim their repayment online. Taxpayers now will need to claim their repayments at tax overpayments and underpayments. From 31 May 2024, cheques are no longer automatically being sent out where a claim has not been made online.
PAYE Settlement Agreement calculations 2023/24: a reminder of the process.
Operating payroll: real time information for off-payroll working (IR35): details for deemed employers.
Reporting advances of salary: a reminder of the rules introduced on 6 April 2024 (in essence, to report the advance when the remainder is paid).
Paying Class 1A NICs: a reminder to use the right payment reference, and of the 22 July 2024 payment deadline.
Self-assessment threshold change for taxpayers taxed through PAYE only: a reminder that the threshold is increased to £150,000 for 2023/24, and will be removed for 2024/25 onwards (although returns will still be required where other criteria apply).
Spotlight 64: a warning for employment agencies using umbrella companies.
Separately, HMRC have also updated their CWG5 guidance to correct the Class 1A NICs rate for 2023/24 to 13.8%.
