The Financial Management Centre offers guidance on new 2022 tax codes

The Financial Management Centre franchise
The Financial Management Centre A franchise with a passion to help businesses grow and be successful

The Financial Management Centre is one of the world's leading accounting service provider to SMEs.

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In a recent article ahead of the new tax year, the accounting franchise provided readers with some guidance, answering common concerns.

The Financial Management Centre began the article by detailing what needs to be ready by the time the new tax year begins on April 6th. For every employee working for you, the accounting franchise explained, you must prepare a payroll record, identify the right tax code and enter this tax code on the record. Whenever “HMRC send a new tax code for any of your employees”, you’ll receive a paper form P9(T) and an internet notification of coding if you’re registered to use PAYE online. From the business tax account home page, you can select ‘Messages’ and then ‘PAYE for employers messages’ to view your Tax Code Notices. The Financial Management Centre then answered four more questions:

  • What do I do for employees who are leaving before April 6th? - “You don’t need to change the tax code for any employee who leaves before April 6th, even if you’ll be paying them after that date. Just use their old one. This doesn’t apply to payments after you’ve already given an employee a P45. In these circumstances, the tax must be deducted using the appropriate codes for employees with S or C prefixes in their tax codes on a non-cumulative basis.”
  • What do I do for new employees starting between April 6th and May 24th? - “For new employees starting between April 6th and May 24th and providing a P45, follow the instructions at: Although if you have an agreed exemption from online filing and operate a manual payroll, follow the instructions in the RT7.”
  • How will manual payroll be affected? - “Use the Taxable Pay Tables Manual Method (April 2022) if you have an agreed exemption from online filing and operate a manual payroll. Continue to use tax tables A, which have not been changed but are still valid for this year’s taxes -or circulate them until next April.”

How will basic PAYE tools be affected? - “This is an excellent way for businesses to get their taxes done quickly and easily with HMRC’s Basic PAYE Tools (BPT). You can use this P9X once the new tax year becomes available in BPT so that you won’t have any problems whatsoever.”

To find out more about The Financial Management Centre or pursue a potential franchise investment with the company, visit its profile page (linked above).

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