However, it is preferable to submit an application before the beginning of the fiscal year so that all eligible benefits granted in the following fiscal year can be included in the agreement. The deadline for filing PSA calculations of income tax and NCI with HMRC is set out in the agreement and generally expires on 31 July following the end of the fiscal year. The deadline for payment of PSA`s liabilities is October 22 following the end of the fiscal year or October 19 if the employer does not pay electronically. It should also be noted that individuals are Scottish (or Welsh) taxpayers for an entire tax year. Therefore, if the code prefix changes in the middle of the year because someone has moved, the code prefix should normally be followed at the end of the year, as this should reflect the person`s status for the fiscal year. Employers can verify the position with employees whose code prefix has changed in the year prior to the completion of the PPE(s) for that fiscal year. As part of our comments, we asked HMRC to provide clear guidelines for the creation, amendment and deletion of PPE, especially as the amendments are expected to come into force shortly. If you already have PPE, you should ask yourself if it needs any changes for the 2019/20 fiscal year. If you do not currently have PPE, you must indicate whether you need to subscribe to PPE for the 2019/2020 fiscal year. The deadline for signing an agreement for 2019/20 and updating your current agreement is July 6, 2020.
It`s also a good time to ask yourself if you need to set up PPE for the 2020/2021 fiscal year. Payment Settlement Agreements (SAAs) somewhat simplify employers who are tied to certain taxable benefits. They allow the employer to pay tax on these benefits on behalf of its employees in a single annual payment….