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bigduckontax
bigduckontax, Accountant
Category: Tax
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Hi My husband has just found that his tax code for 13/14 missed

Customer Question

Hi
My husband has just found that his tax code for 13/14 missed his company car off so he has underpaid 7K of PAYE for his benefits in kind. This has now come out of his self assessment return and we have identified that it is an error on the part of the payroll accountants. He is on a net pay agreement so he has not benefitted from this, only the Company has (unwittingly). The company want to pay it back to correct the error. Is there a way to correct this without upping his gross pay which effectively means he will be paying tax on his tax? Any help is appreciated. Thanks
Submitted: 2 years ago.
Category: Tax
Expert:  bigduckontax replied 2 years ago.
Hello, I'm Keith and happy to help you with your question.
I would suggest that on self assessment HMRC have advised that some 7K is due for payment by 31 January 2015. In fact who pays it is irrelevant. If the company pays the underpaid amount using the paying in form supplied with the statement then the matter is closed and the tax on tax situation you envisage does not arise.
I do hope I have helped you with your question.
bigduckontax, Accountant
Category: Tax
Satisfied Customers: 3096
Experience: FCCA FCMA CGMA ACIS
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Expert:  bigduckontax replied 2 years ago.
An additional point; the company should make the payment outside the PAYE envelope as a direct charge to their Profit and Loss Account.
Expert:  bigduckontax replied 2 years ago.
Thank you for your support.

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