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PAYE

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA TX-UK Exams › PAYE

  • This topic has 1 reply, 2 voices, and was last updated 5 years ago by Tax Tutor.
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  • June 6, 2020 at 12:49 pm #572980
    AverageAndy
    Member
    • Topics: 128
    • Replies: 34
    • ☆☆

    Respected Sir,

    My study text states that “in the event that the amount of tax already paid under PAYE is greater than the liability, a refund will be given via the self-assessment system.”

    How is this possible sir? how can the income tax paid on Employment income be more than the SUM of all other sources of income including employment income itself? Can you give an example wherein the aforementioned scenario will take place?

    June 8, 2020 at 2:44 pm #573211
    Tax Tutor
    Member
    • Topics: 2
    • Replies: 3965
    • ☆☆☆☆☆

    Most employed persons have little or no other sources of taxable income in real life (not in exam questions of course!) so that they only have employment income, but the circumstances of an employee may change – they might become redundant, they may change jobs and have a lower salary, or an individual may no longer qualify for a benefit such as a car, meaning that the PAYE code being used had anticipated a higher level of income that does not then arise resulting in an overpayment of tax.
    Once again however this is an irrelevant issue in terms of you passing this exam.

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