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The purpose of this Task is to consolidate your knowledge of income tax and NIC and to enable you to understand the most common practical situation that you will encounter relating to taxation and NICs.
Required:
Locate a real payslip and write a report including the following aspects:
1. Explain the tax code on the payslip and give examples of other types of tax code.
2. Verify and explain the tax paid for the current pay period and the tax paid to date.
3. Verify and explain the computation of National Insurance Contributions (Employers and Employee) for this period.
4. Calculate the tax refund to which the employee concerned would be entitled if they had stopped working at the end of the month covered by the payslip and did not receive any more taxable income until the end of the year.
5. Research HMRC website and and explain (i) how to obtain a refund of tax (ii) how to ask an employer not to deduct tax under PAYE if you work for a few months in the vacation and do not have any further employment income.
Hints:
2.Include a scanned copy of the payslip in your report. Delete any personal details relating to the employee.
3. For parts 2 and 3 give a clear conclusion which compares the amounts shown on the payslip to the amounts which you have calculated.
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