- National Insurance (NI)
- Repaying a loan or advancing wages
- Repaying an accidental overpayment
- If the employee is found to be at fault for a shortfall
- Accommodation that you have provided for your employees
- Any shares or share options your employee has bought in the company
- Union subscriptions or pension subscriptions your employee has signed up for
- Tax code notices
- Reports given to HMRC
- Employee leave of absence
- Taxable expenses or benefits
- All payments submitted to HMRC
- Employee payments and deductions
- Payroll Giving Scheme documents (including employee authorisation and agency contract forms)
All kinds of mistakes can occur with employee payout, from not paying the total amount for overtime or a pay raise not being reflected in the system. These might not seem too bad in isolation, but multiple mistakes along this line could attract significant penalties. So the moment you identify a payout error, rectify it and submit an FPS (full payment submission) statement on or before the day you pay the employee.
If you are a landlord with total property and/or self-employed business income greater than £10,000 a year, MTD for Income Tax applies.
Every company must pay corporation tax, and not paying the correct amount or delaying payment could attract hefty fines. To avoid this, examine your PAYE bill for errors – HMRC will typically add any underpayment or take off any overpayment from your next bill. Then, correct this in the following report you submit.