NIC Flashcards
1
Q
How do you work out a class 1b PAYE settlement agreement?
A
Take the cost of the benefit eg a puppy party bill of £50,000, add on tax which is say £28,125 and x that total by 13.8%
The cost, tax and NIC can then all be taken off profits
You gross the party cost up by timesing by what ever the tax rate is of the employees getting it and then dividing that by the remaining figure which together makes a 100
