• Corporation Tax receipts from the banking sector were £5 billion in 2019-20, an increase of £0.3 billion (6.9%) when compared with the previous year. This increase is mainly due to a payment timing change for the largest companies, from April 2019, which brings forward their Corporation Tax quarterly instalments • Bank Levy receipts were £2.5 billion in 2019-20, a 3.6% decrease when compared with 2018-19. This is mainly driven by year-on-year reductions in Bank Levy rates • Bank Surcharge receipts were £2.0 billion in 2019-20, a 4.4% increase when compared with 2018-19. As with Corporation Tax, this is mainly driven by the payment timing change which also affects Bank Surcharge payments • The Covid-19 pandemic is likely to have started to affect tax receipts towards the end of 2019-20, but the main impacts will occur in 2020-21
The full report can be read here.
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RTI Payment codes - Reminder 3 November 2020
Use the correct codes to ensure accurate and timely processing of your PAYE remittances.
The October Employer Bulletin offers a timely reminder of the additional reference needed when sending electronic PAYE payments.
To ensure that PAYE payments are allocated correctly, you will need to make the monthly payment to the 13-digit accounts office number connected to your PAYE reference, along with the following 4-digit code.
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Chancellor confirms increases to Income Tax Personal Allowance and Higher Rate thresholds, and NI limits and thresholds for 2021-22
The Chartered Institute of Payroll Professionals
Payroll: need to know
cipp.org.uk
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