TaxSource Total

Here you can access summary of the key current tax developments in Ireland, the UK and internationally as reported by Chartered Accountants Ireland

The report of key tax developments are displayed per year, per month, by Ireland, the UK or International and by report title

Update on PAYE

Given the importance of this time of year, there have been a number of updates on the operation of PAYE on the HMRC website.

  1. I. HMRC have advised that penalty notices dated 12 March were issued where there was an outstanding PAYE Employer Annual Return (P14s and P35) or Contractor Return (CIS36) for 2005-06. If you received a penalty notice, information on the actions necessary is available at http://www.hmrc.gov.uk/paye/05-06-penalty-update.htm.
  2. II. The first day of the new tax-year (6 April 2007) this year fell on Good Friday. If you paid your employees on 5 April instead of 6 April because of the Bank Holiday, HMRC have advised that you could still treat the payment as being made on 6 April for tax and NIC purposes.
  3. III. HMRC are reminding 1.7 million small employers to send their 2006-07 PAYE End of Year returns online to receive a £150 tax-free payment. Click http://www.gnn.gov.uk/Content/Detail. asp?ReleaseID = 276624&NewsAreaID = 2 for further information.
  4. IV. If you pay PAYE payments electronically, 22 April fell on a non-banking day (i.e. Sunday) and consequently HMRC have advised that it was necessary that they received cleared funds by Friday 20 April.
  5. V. HMRC have launched web pages that will help taxpayers start and finish the tax year. According to HMRC, the site has answers to the most common questions about the beginning and end of the tax year.