What Is PAYE?

PAYE stands for ‘pay as you earn’. It’s the system put in place to pay tax on your income before you receive it. Employees and pensioners are given PAYE codes that determine the amount of tax taken from pensions or income earned. It’s advisable to check your code and query it with HMRC if you don’t understand it or think it may be wrong. How Is PAYE Set Up? PAYE involves three parties: HM Revenue and Customs (HMRC), your employer or pension provider, and you. They each play a key role Read more [...]