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Tax deductions will be restricted to 50% of taxable pay for all tax code types

The calculation commands now limit the amount of tax that can be deducted to 50% of each employee’s gross pay or pension. This applies to both the main calculation (Payroll – Calculation) and the individual calculation (Payroll – Processing – Calculate) commands.

The 50 % limit is set on the Options Page 3 tab of the Set Options form (on the Payroll – Utilities menu). As the limit previously applied only to those codes with ‘K’ at the beginning, the limit was called Max. K Code %. This has now been renamed to Tax Regulatory Limit %.

This limit is automatically set for the 2015-16 tax year along with the other rates and thresholds using these commands:

• Update Data Structures command (on the System – Utilities menu)

• Copy Statutory Rates command (on the Payroll – Utilities menu).

Disclaimer: This document is intended to provide general advice and has been prepared as a guide only. It is the user’s responsibility to decide how they want to proceed with the information given. Intsys UK Ltd accepts no responsibility for any errors, omissions, or misleading statements on these pages.

#payrollyearend #payroll

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