employment income

Question 1

Employment income:

Answer 1

Includes income arising from an employment and the income of an office holder such as a director.

Question 2

General earnings:

Answer 2

Any salary, wages or fee, any gratuity or other profit or incidental benefit of any kind obtained by an employee consisting of money or money’s worth, and anything else constituting an emolument of the employment, together with anything treated under any statutory provision as earnings (eg, benefits).

Question 3

Pay As You Earn (PAYE):

Answer 3

HMRC’s system for collecting income tax and national insurance contributions from employees

Question 4

Real Time Information (RTI):

Answer 4

Under Real Time Information (RTI), employers are required to inform HMRC about tax, NICs and other deductions every time a payment is made to an employee, rather than after the end of each tax year.