Hi
I’m helping parents with form 11 and their tax credits are slightly odd versus last year, they have 3,333 as opposed to 3,300 when I hit calculate. Small difference but just can’t find why it is higher than what is on the credits tab.
Any advice appreciated
Thanks
Hi
I’m helping parents with form 11 and their tax credits are slightly odd versus last year, they have 3,333 as opposed to 3,300 when I hit calculate. Small difference but just can’t find why it is higher than what is on the credits tab.
Any advice appreciated
Thanks
No nothing like that, they just have the standard credits and the age credit which is separate line. The employee credit is 3367 so 100 extra between both
In 2021 any wages paid on Friday 31st December for Weekly, Fortnightly or Four-Weekly payrolls are eligible to be processed as a "Week 53" payroll.
In a "Week 53" payroll employees are allocated one extra week of tax credits and PAYE/USC bands. All calculations are carried out on a "Week 1" basis. Essentially the employees are getting the benefit of 53 weeks or their tax credits which reduces their overall tax bill for the year.
In 2021 any wages paid on Friday 31st December for Weekly, Fortnightly or Four-Weekly payrolls are eligible to be processed as a "Week 53" payroll.
In a "Week 53" payroll employees are allocated one extra week of tax credits and PAYE/USC bands. All calculations are carried out on a "Week 1" basis. Essentially the employees are getting the benefit of 53 weeks or their tax credits which reduces their overall tax bill for the year.