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Are you struggling to submit your PSA calculations on time?
25 July 18 | By: Jas Jhooty
Many employers have entered into PAYE Settlement Agreements with HMRC. As part of the agreement employer have to calculate the tax and NICs due on the benefits-in-kind detailed in the PSA and send these calculations to HMRC. Recently HMRC have centralised their PSA collation team into one office. It has come to our attention that HMRC’s central PSA unit have arbitrarily decided to impose a non-statutory deadline date of 31st July for PSA calculations to be submitted. This arbitrary deadline date puts unnecessary pressure on most employers who have traditionally required the summer to complete their PSA calculations.
If you are struggling to meet the 31st July deadline we recommend that you contact HMRC and ask them what the legislation is that is forcing you to send in your PSA calculations early. As such legislation does not exist go on to tell HMRC that you intend to send in your PSA calculations by mid-September thereby giving yourself some much needed breathing space in getting your PSA calculations right.