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A PAYE Settlement Agreement (PSA) allows you to make one annual payment to cover all the tax and National Insurance due on minor, irregular or impracticable expenses or benefits for your employees.
If you get a PSA for these items you will not need to:
- put them through your payroll to work out tax and National Insurance
- include them in your end-of-year P11D forms
- pay Class 1A National Insurance on them at the end of the tax year (you pay Class 1B National Insurance as part of your PSA instead)
You can find out how to get a PAYE Settlement Agreement here.
For more information call us on 02079280276 or email info@lisaslaw.co.uk
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