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Additional Details
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James M | What is the name of the governing body that checks calculations of VAT taken from an employee's pay? |
I'm a business studies student and wondered the name of the organisation/authority that overlooks VAT with regards to payroll calculations. If a payroll figure is miscalculated how does this organisation/authority impose penalties?How do they know as an organisation if you are being honest with regards to staffing etc? Sorry i'm a bit confused! Any input would be gratefully received. Thank You. |
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Schuutz
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HMRC - Her Majesty's Revenues and Customs (formerly known as the Inland Revenue). |
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Steve B
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First I've ever heard that VAT is a legal deduction from an Employee's pay packet ..
Tax and NI contributions are overseen by HMRC .. perhaps you need to visit their site ? |
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Marky
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For a start, there is no VAT on wages. VAT is Value Added Tax and is 17.5% that is added to purchases.
Deductions from pay are Income Tax and Nation Insurane (NI) contributions and are govrned by Her Majesties Revenue & Customs (HMRC) |
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M.A.W.
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First of all let me correct you ,VAT is never deducted from wages .It is type of tax (17.5%) on supplies.
NIC is deducted from wages and the governing body is HMR&C. |
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steffi
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HM Revenue and Customs (formerly 2 departments, Inland Revenue and Customs and Excise, now merged) organises collection of Value Added Tax on purchases, and on wages, the deduction of National Insurance Contributions, and Pay As You Earn (Schedule E Tax).
I have never been involved with VAT, that is recent for the Revenue, but there are several monitoring systems involved with PAYE & NIC deductions. The gross annual employer's return figures can be compared with the wage entry claim on the employer's business Tax Return, there is feedback from employees who feel their deductions are wrong, discrepancies can trigger an investigation by what used to be Revenue Auditors, and is now called Compliance. Annually the form P14 figures (the Revenue copy of form P60) are put through the computer system after receipt of the employer's return. Anything with a discrepancy doesn't clear, and is looked at manually.
Dishonest employers may get away with fraud for a time, but they nearly all get tripped up in the end. Financial penalties can be imposed (procedure similar to assessments) and occasionally prosecution for fraud can kick in. What action is taken would be decided by higher grades of staff. |
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