PAYE /NIC Case Study
IESL recently undertook a review for a client in the Pharmaceutical industry. The UK Group Finance Director wanted to obtain comfort that his systems, policies and procedures for dealing with PAYE and National Insurance were working as effectively as they possibly could.
We undertook an in-depth review, visiting each of their UK subsidiaries, which as part of the process included speaking with the local Financial Controllers and HR directors.
We established that generally the Groups systems and procedures were functioning correctly. However the review identified there were issues falling between the cracks and not treated correctly for taxation purposes – e.g. incentives schemes (for both staff and third parties), private use contributions for company cars, international relocations and secondments and share scheme issues the GFD was not aware of.
As a result of our review and recommendations, the issues identified were addressed. At the same time, we also provided the GFD with opportunities to reduce the overall tax/National Insurance liability of the Group through some simple tax planning opportunities – when these come on line they will more than provide a return on the fees incurred.