Paying Paye On Time – Tax Advice From Your Richmond Accountants
As accountants in Richmond we are fully aware of the lack of employment in today’s climate and how money is incredibly tight for a lot of us out there. Yet, even for the lucky few of us with an income, we still need to remember to pay those PAYE and other Payroll deductions to HMRC. Even though we all know you would much prefer to be out in the sun!
Key Considerations
Businesses are encouraged to pay taxes electronically to HMRC; however, in October 2013 this will become compulsory for all companies. At present HMRC do not operate the Faster Payment Service (FPS) for any of their accounts, meaning you must allow at least three working days before your payment is processed. This means electronic payments of PAYE must leave your bank on 19th to arrive on the 22nd of the month, assuming none of those days falls on a weekend/bank holiday.
To avoid PAYE payments going missing Harnett Accountants in Richmond recommend including the Accounts Office (AO) reference with the year and month the sent payment relates to, at the end of the reference without any spaces. For example, PAYE for month 01 in 2012/13 (due 22 May 2012 for electronic payments), add 1301 to the AO ref.
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Harnett and Co are ICAEW chartered accountants in Kingston upon Thames, Surrey. We give clear, practical advice to businesses and individuals across West London and Surrey. Book a free consultation today.