Changes to PAYE – Summer 2017
HMRC have announced they are now making adjustments to people’s tax code in real time throughout the year and not, as in some cases, waiting until the end of the tax year. This means that people will more likely pay the correct amount of tax on their income as they earn it.
HMRC say ‘This new system will offer far more certainty for taxpayers avoiding unexpected bills or debt building-up’.
For employers and pension providers they may begin to see more tax code changes coming through for their employees.
For employees, HMRC are encouraging people to set up a Personal Tax Account (PTA). The account provides people a picture of their tax affairs. The PTA also provides prompts, advice and plenty of support. You can also use the account for items such as Tax Credits and Child Benefit, application for Marriage Allowance and to check your State Pension.
For more information and to see how this may affect you please visit the HMRC website
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