Categorized | news

Contractor accountants will sort out your PAYE returns

Contractor accountants will sort out your PAYE returns

Employers might like to seek the services of a contractor accountant to sort out their PAYE paperwork after HMRC said it found a number of mistakes in 2009/10 returns.

Every year, employers are duty-bound to send HMRC details of their employees’ tax and National Insurance contributions. However, as the Revenue has revealed, this data is not always accurate and this can lead to problems for everybody concerned. In addition to costing time and money for both the employer and HMRC, employees might find the incorrect amount of income tax is deducted from their salary.

HMRC says that employee names are often entered incorrectly on year-end returns. For example, 507 individuals apparently have the name “A N Other”, 824 have the surname “Unknown” and a further 75 have the family name “Casual”. Furthermore, incorrect dates of birth meant that 40 employees were still working at the ripe old age of 200!

Jim Harra, the direct of customer operations at the Revenue, explained that most employers do complete their PAYE returns correctly. But it is imperative that they double-check their employees’ personal data in order to prevent problems occurring in the future.

Meanwhile, David Cameron has admitted that businesses have not been taking advantage of the National Insurance Holiday scheme.

When the PM first unveiled the scheme, he expected around 400,000 small firms to apply for the holiday and be exempt from paying NICs on their first ten members of staff. However, only 7,000 firms have enrolled on the scheme so far.

Ed Miliband, the leader of the Labour party, said this was further evidence that the growth policies laid out by the coalition simply weren’t working.

© 2011 All rights reserved. Reproduction in whole or in part without permission is prohibited.

Image: Superman’s Girlfriend Lois Lane by Joelk75

Be Sociable, Share!

Leave a Reply

You must be logged in to post a comment.

  • Switch Accountants for FREE

    Switch Accountants for FREEAt K&B Accountancy Group we have introduced a simple and straightforward approach to changing accountants. We’re offering contractors, consultants and freelancers the opportunity to switch to K&B Accountancy Group for FREE without the need to pay for any ‘catch up’ or retrospective accountancy fees for the previous year’s accounts and corporation tax return* *T&Cs apply

our top 5 twitter posts


contractor accountants


twitter Join the conversation
Free Telephone Advice