Commentaries

Tax Memo


PART 3
PAYE and NIC

 CHAPTER 1   Pay as you earn 

40000
The Pay As You Earn (PAYE) system is a method of collecting income tax at source from employment income, pensions and taxable state benefits. It is not a separate tax, although it is often mistaken for one. The mechanics of the PAYE system are also used to collect National Insurance contributions (NIC) in relation to employed earners.
The vast majority of employers are required to use an online reporting system referred to as Real Time Information (RTI). Essentially this means that employers must submit details of employees' pay and deductions each time a payment is made, and the information must be sent to HMRC on or before the day the employee is paid.
Other topics which are closely related to PAYE earnings are benefits, expenses, and statutory payments, all of ...

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