PAYE

Pay As You Earn (PAYE) is just that. It is the regime HM Revenue & Customs adopt to collect tax from earnings and pension as you are paid.

However, the method does rely on the correct PAYE tax code being used. If the code is incorrect, the correct allowances or deductions won’t be made and you can quickly find yourself in a position of overpayment or underpayment.

Having to repay an underpayment can severely affect your cash flow. Similarly, if you have paid too much tax you will probably have to chase HMRC to be reimbursed within a permissible timeframe.

If you need any help or advice, please get in touch. We can deal directly with HMRC on your behalf.

 

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