Taxation

1. Mr. Wayne, the managing director of Brad Ltd, a newly incorporated company, has requested you to write to him summarising the major points in the operation of a Pay

As You Earn (PAYE) scheme in order that he can ensure his new part-time accounts assistant is operating the scheme correctly and maintaining the necessary records.
You have established that the staff complement comprises three full-time working directors, one employee earning £8.350 per annum (plus substantial benefits in kind),

the accounts assistant, who is a graduate, earning £20,000 per annum and several part-time employees each earning approximately £125 per week.
Write to Mr. Wayne setting out the information requested and ensuring that your letter covers the following specific points:
(a) Useful information about PAYE operations and the requirements on employees joining and leaving, records required for operation of PAYE, NI and other employer,
(30 marks)
(b) Obligations,calculationofpayandpaymentofmoniestoHMRC,
(20 marks) (c) End of year returns and forms, and, (20 marks)
(d) An explanation of benefits in kind, specifically with respect to cars and car fuel for private use, living accommodation, private use of company’s assets and loans

given to employees. (30 marks)
Note: Ignore the requirements of the statutory sick pay, statutory maternity pay, statutory adoption pay and statutory paternity pay schemes.

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