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What Is the Right Formula for PENP Calculation in 2025?
Key Highlights PENP is the basic pay you would have earned during an unworked notice period, and it’s subject to income tax. Calculating PENP correctly
Key Highlights PENP is the basic pay you would have earned during an unworked notice period, and it’s subject to income tax. Calculating PENP correctly
Key Highlights UK employers offer two main types of benefits: statutory (mandatory) and non-statutory (voluntary). Statutory benefits include minimum wage, paid leave, sick pay, pensions,
Key Highlights Mistakes in the current tax year are fixed by updating year-to-date figures in your next Full Payment Submission (FPS). For previous tax years
Key Highlights An HMRC compliance check is a review of your self-assessment tax return to ensure accuracy. Common triggers for a tax investigation include inconsistent
Key Highlights If you are a contractor in the construction industry, you need to sign up for the Construction Industry Scheme (CIS) before you pay
Key Highlights If you’re a subcontractor under the Construction Industry Scheme (CIS), you may be due a tax refund. CIS deductions are advance payments on
Key Highlights Registering your business ensures legal compliance with HMRC, avoiding fines and safeguarding personal and business assets. Sole traders must register for Self Assessment
TL;DR Benefits in kind are non-cash perks provided to employees, such as company cars or private healthcare. Most of these perks are considered a taxable
TL;DR A salary sacrifice arrangement is a formal agreement with your employer to reduce your gross salary in exchange for increased pension contributions. This arrangement
TL;DR HMRC is making the payrolling of benefits in kind mandatory from April 2027. There are currently no announced changes to the mandatory payrolling of
TL;DR A salary sacrifice scheme allows you to exchange part of your salary for increased employer pension contributions. This arrangement offers significant tax advantages by
TL;DR Maintaining accurate payroll records is a legal obligation for all UK employers to ensure compliance with HMRC regulations. Your business must store PAYE records
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