Read that headline again. A HMRC officer is surprised that there are possible errors in only 23.7 million cases? Really, there are only around 30.6 million taxpayers in the UK. So based on this officers opinion around 4 in 5 taxpayers are paying the wrong amount of tax.
What this means for employers
There’s a pretty good chance that your employees are sitting on a hidden pay rise. When the business environment is difficult enough and there is pressure from employees for a payrise that you may struggle to afford, then you might be missing a huge opportunity.
By auditing your payroll we can unearth all the overpayments and repayment opportunities available to your business and your staff. It can often be like giving a payrise that costs you absolutely nothing.
For an initial, no obligation review of your payroll, simply complete the form at the bottom of this page and we’ll contact you to arrange an initial free audit.
Paying Your Tax
One thing we get asked time and time again is what are the different payment methods when it comes to paying HMR&C. Below is a quick guide to the different ways of paying your tax:
1 – Direct Debit. To set up a Direct Debit payment go to www.online.hmrc.gov.uk/online
Login and select Direct Debit Payment from the Main Menu. If you are a new user you will first have to register and enrol for the appropriate service.
2 – Direct Payment. Using the internet or phone, provide your bank or building society with the following information to make a Direct Payment;
- Payment amount
- Sort code 08-32-10
- Account name ‘HMRC’
- Account number 12001020
- Your reference as shown on the payslip
3 – BillPay. You can pay by Debit Card over the internet. Go to www.billpayment.co.uk/hmrc and follow the guidance.
4 – Your Bank. If your bank offers this service, take the payslip and payment to any branch of your bank. Any cheque must be drawn on your bank and made payable to ‘HM REVENUE & CUSTOMS ONLY’. Other banks may refuse to accept payment.
5 – Post Office. Take the payment form along with your method of payment along to any participating Post Office. If paying by cheque, make your cheque payable to ‘POST OFFICE LTD’. The Post Office also accept payment by debit card.
All payments of Corporation Tax, and any related interest or penalties, must be made electronically. Any of the payment methods shown above are acceptable.
If you need any further payment information, we would advise looking online at www.hmrc.gov.uk and click on Quick Links then select Paying HMRC. Alternatively you can call HMRC direct on 01236 785057.
