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Originally posted by davespanners
Another problem I see with this is that if the bank that all of our wages are collectivley sitting in goes bye bye then the whole country doesn't get paid
edit on 20-9-2010 by davespanners because: (no reason given)
Originally posted by saltheart foamfollower
reply to post by DaMod
The initials are IRS, have you ever heard of them?
While headline writers in search of page views want this to mean that employers will send checks to the government, which will presumably make up some amount to deduct in taxes and then send the checks to the employees, the reality is far more mundane. The centralized deductions process would simply transmit the information about income and deductions to HMRC which would then use it to work out the correct deductions of tax, NIC and student loan repayments.
Originally posted by sligtlyskeptical
Come on people. You are being snowed with a headline. This article explains why the headline is worded this way
Headline writer sensationalism
While headline writers in search of page views want this to mean that employers will send checks to the government, which will presumably make up some amount to deduct in taxes and then send the checks to the employees, the reality is far more mundane. The centralized deductions process would simply transmit the information about income and deductions to HMRC which would then use it to work out the correct deductions of tax, NIC and student loan repayments.
It is shocking how many people fall for this stuff day after day on ATS and elsewhere. If you believed the headline than you are the PROBLEM!
The make-up to gross would still be the employer’s responsibility but the gross-to-net calculations would be carried out by HMRC. The resulting net pay figures would then be sent into the banking system for employees’ accounts to be credited and the total deductions figures debited from the employers’ accounts.