A reminder to check your payslips!

Are you checking your tax and National Insurance Contributions (NIC) on each of your payslips?

HM Revenue & Customs have been urging everyone, especially contractors working through umbrella providers, to check their payslips to ensure that they are not involved in any tax avoidance schemes.

In this blog, we offer a bite-sized overview of what to look out for. 

If you work through an umbrella company, be sure to follow guidance from HMRC on how to check your payslip to ensure you are not involved in a tax avoidance scheme.

How to check your Income Tax and National Insurance

One sign that you may be involved in a tax avoidance scheme is if you receive more money than shown on your payslip. Use these HMRC calculators to check how much tax and national insurance you should be paying. 

What should you look out for?

• Not all payslips show every payment made by an umbrella company, especially loan type payments. 
• The payments on your payslip may appear to be paid through PAYE to make it look like tax rules are being followed. 
• Another sign of tax avoidance is if you receive extra payments into your bank account along with an email saying you have received money in the form of loans.

Concerned about your umbrella company or want like to switch? Call us on 0203 967 6846 or email [email protected] to receive trusted advice.