Week 53 Payments Explained by HMRC
UPDATE 10/01/2020: As 2020 is a leap year the below information may be particularly useful to you.
Employers who pay their staff in a different fashion to the usual monthly payment – meaning those who pay weekly, fortnightly or four-weekly are subject to extra days in leap years.
Although a seemingly insignificant ‘problem’ this can lead to discrepancies which have led to confusion in some instances. HMRC has now provided affected employers with clear advice on how to deal with any such situations which arise.
Week 53 payments basically fall under the banner of ‘non-cumulative’ meaning that usually pay is taxed without basing it on prior pay or tax information.
Essentially too little tax could be paid quite easily which is why clarification around this issue has become a priority, even though other deductions including NICs are carried out the same.
You can register for HMRC online to deal with your tax quickly and easily. Check out our HMRC login infographic to get set up today.
His appearance on a Channel 4 television programme about the inside workings of Revenue and Customs was watched by 4.1m which sealed his status as one of the most highly respected tax consultants to ever work in Scotland.
Ricky led all tax investigation and COP 9 cases, using his extensive knowledge to help people reach a positive resolution to their situation.
Ricky passed away suddenly and unexpectedly in June 2022 after leaving his indelible mark on the company he founded and headed for over 35 years.
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Ricky worked as an Investigator in the Inland Revenue for over 20 years before founding Steedman & Company in 1987, giving him the experience and knowledge that enabled him to help so many clients over the years.
His appearance on a Channel 4 television programme about the inside workings of Revenue and Customs was watched by 4.1m which sealed his status as one of the most highly respected tax consultants to ever work in Scotland.
Ricky led all tax investigation and COP 9 cases, using his extensive knowledge to help people reach a positive resolution to their situation.
Ricky passed away suddenly and unexpectedly in June 2022 after leaving his indelible mark on the company he founded and headed for over 35 years.
