I can only say you are lucky then, as in my experience HMRC never adjust tax codes to reflect current and future year income changes, even where these changes are frequent and regular (e.g. consistent payment of annual bonuses and annual increases in salary) unless you bring this to their attention and give them specific directions on what changes to make in the tax code. Even then, it's touch and go.
Of late, I have taken to changing the PAYE income projections found online and notifying them of new income streams the same way, since they no longer appear to be prompted by letters or comments made in the Tax Returns.
Where taxpayers are mainly PAYE, as some have said, they may not want to have large balancing payments as at 31st January, myself included. And it's not just a timing difference; most folk under PAYE quite reasonably expect to pay the majority of their tax in the tax year, not after the event. If they can't, then the system isn't really fit for purpose.
I think others have covered the BIK angle. Pay as you go, has to be more tax effective in that respect.
The alternative, if you want to show the players you are serious about their health and well being, is to negotiate with HMRC to get the PMI onto the PAYE Settlement agreement and meet the benefit cost up front. Yes, it's expensive but aren't they worth it?
Yes it matters. I failed my A levels miserably (mainly through spending too much time with my wife) and had to do things the hard way, re-take, foundation course (no degree, as my father couldn't afford the 3/4 years maintenance, which by today's standards was cheap), 4 year student contract only to be made redundant when the market fell through in the early 90's.
Having said that, the A-levels are a means to an end and not special in themselves. But fail them and (from experience) you continue to have nightmares about exams and results, even after 30 years of working, when they no longer matter. An absence of good A level grades just makes it harder to get where you want to go.
Cut to the present day and I'm vicariously living through it again with my eldest. Fortunately he took my advice and put the work in to get the grades required.
In terms of recruiting, I now make use of A-level entry candidates for apprentice positions with a view to studying AAT (and sometimes ACCA thereafter), so they remain the best indicator, both in grade and subject, of a person's ability to pass their future professional exams.
It depends where you are based, but given the introduction of the Apprenticeship Levy last year, the bigger services firms (not just the accountancy firms) are investing more heavily in apprenticeships which would be a good starting point for you to do AAT and then ACCA or ACA. Age or experience is not a barrier, but qualifications, ambition and aptitude are. Don't forget you will be starting at the bottom again and this can be a stumbling block for some.
I would have a good think, even at this stage, about the area of finance you want to specialise in and the route you want your career to go. It could be a waste of (your) resources if you train as an accountant and then end up wanting to be a money broker, dealer, stockbroker or financial services/insurance expert which may have a different training route. Pick your specialism first and target those companies or firms for a training or apprenticeship role is my advice.
My answers
I can only say you are lucky then, as in my experience HMRC never adjust tax codes to reflect current and future year income changes, even where these changes are frequent and regular (e.g. consistent payment of annual bonuses and annual increases in salary) unless you bring this to their attention and give them specific directions on what changes to make in the tax code. Even then, it's touch and go.
Of late, I have taken to changing the PAYE income projections found online and notifying them of new income streams the same way, since they no longer appear to be prompted by letters or comments made in the Tax Returns.
Where taxpayers are mainly PAYE, as some have said, they may not want to have large balancing payments as at 31st January, myself included. And it's not just a timing difference; most folk under PAYE quite reasonably expect to pay the majority of their tax in the tax year, not after the event. If they can't, then the system isn't really fit for purpose.
I think others have covered the BIK angle. Pay as you go, has to be more tax effective in that respect.
The alternative, if you want to show the players you are serious about their health and well being, is to negotiate with HMRC to get the PMI onto the PAYE Settlement agreement and meet the benefit cost up front. Yes, it's expensive but aren't they worth it?
Yes it matters. I failed my A levels miserably (mainly through spending too much time with my wife) and had to do things the hard way, re-take, foundation course (no degree, as my father couldn't afford the 3/4 years maintenance, which by today's standards was cheap), 4 year student contract only to be made redundant when the market fell through in the early 90's.
Having said that, the A-levels are a means to an end and not special in themselves. But fail them and (from experience) you continue to have nightmares about exams and results, even after 30 years of working, when they no longer matter. An absence of good A level grades just makes it harder to get where you want to go.
Cut to the present day and I'm vicariously living through it again with my eldest. Fortunately he took my advice and put the work in to get the grades required.
In terms of recruiting, I now make use of A-level entry candidates for apprentice positions with a view to studying AAT (and sometimes ACCA thereafter), so they remain the best indicator, both in grade and subject, of a person's ability to pass their future professional exams.
It depends where you are based, but given the introduction of the Apprenticeship Levy last year, the bigger services firms (not just the accountancy firms) are investing more heavily in apprenticeships which would be a good starting point for you to do AAT and then ACCA or ACA. Age or experience is not a barrier, but qualifications, ambition and aptitude are. Don't forget you will be starting at the bottom again and this can be a stumbling block for some.
I would have a good think, even at this stage, about the area of finance you want to specialise in and the route you want your career to go. It could be a waste of (your) resources if you train as an accountant and then end up wanting to be a money broker, dealer, stockbroker or financial services/insurance expert which may have a different training route. Pick your specialism first and target those companies or firms for a training or apprenticeship role is my advice.