An Introduction to UK Payroll (4) Ian Holloway Head of Legislation - PowerPoint PPT Presentation

Aug 15, 2023 •587 likes •822 views

An Introduction to UK Payroll (4) Ian Holloway Head of Legislation and Compliance Income Tax Agenda Legislation The UK tax year Taxable pay The Personal Allowance The tax code The pay adjustment Income Tax

An Introduction to UK Payroll (4) Ian Holloway Head of Legislation and Compliance
Income Tax
Agenda • Legislation • The UK tax year • Taxable pay • The Personal Allowance • The tax code • The pay adjustment ‘Income Tax (2)’ • Cumulative and non-cumulative • The tax bands • Examples.
Legislation • The Income Tax (Earnings and Pensions) Act 2003 • The Income Tax (PAYE) Regulations 2003
The Tax Year
The UK Tax Year 06 April to 05 April • Weekly § Fortnightly § Lunar • Monthly § Quarterly.
Taxable Pay
Gross Pay • The total pay for the pay period § Salary § Overtime § Allowances § Commission § Bonus § Statutory payments (SSP, SMP etc) § Expenses.
Taxable Pay • Gross pay • less § Expenses § Pension contributions § Charitable giving in the payroll § Contribution towards a Share Incentive Plan § Any allowed Optional Remuneration Arrangement • Add on § Payrolled benefits.
The Personal Allowance
Tax Allowances 2018/19
The Tax Code
The Tax Code £11,850 • Plus § Marriage Allowance £1,190 • less § Medical expenses £ 700 Actual allowances £12,340 .
The Tax Code £11,850 • less § Medical expenses £ 700 § Car benefit £12,000 • Actual allowances - £850 .
The Tax Code When allowances have been issued by HMRC: • £12,340 § Allocated code 1234 • -£850 § Allocated code 84 • Then a prefix or suffix is added.
Tax Code Suffixes
Tax Code Prefixes Plus new Scottish D codes from 2018/19
Tax Codes - other
Tax Code Notifications • P6 • P9 • P9X • P45 • Starter Checklist.
Summary • Legislation • The UK tax year • Taxable pay • The Personal Allowance • The tax code.
Next….. Income Tax (2)
Thank You Global Payroll Association @GlobalPayAssoc

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