1 February 2023 - SJB & Co Chartered Accountants

Update your tax code – what to do if your tax code is incorrect

The tax code is fundamental to the operation of PAYE. It indicates how much ‘free pay’ an employee is able to receive each time they are paid and, depending on the code, the rate at which tax should be deducted. HMRC operate a system of dynamic coding whereby they update your tax code during the […]

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Impact of taxpayer behaviour on tax geared penalties

HMRC have wide ranging powers to charge penalties for late and incorrect returns. Where errors are made on returns and other paperwork which understate the tax or misrepresent the tax liability, whether a penalty is charged and the amount of the penalty depends on the taxpayer’s behaviour. Key dates If a penalty has been charged