Many employees could be on the incorrect tax code and be completely unaware of the fact. Perhaps they changed jobs, got married, started paying into a pension, or now work more than one job. It's not always clear to employees that they need to inform their payroll department or provider to adjust the amount of tax that is deducted each pay period.
And when employees eventually do find out they are paying too much tax, they will inevitably approach their payroll teams with questions. If it's one or two employees, fine - if it's several employees asking questions, it can mean a considerable amount of time answering questions! This free download is a comprehensive breakdown of the various tax codes and includes links to all the relevant HMRC resources.
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PayDashboard are the technology company linking employee financial wellbeing to payday. We believe that employees should be given the tools that they need to understand their pay (and in turn, their payslip) as well as their taxes and allowances by their employer at a time when it really matters. Which is why we provide a suite of financial education to our users alongside their digital payslip, helping them to understand their pay at the time when money is most on their minds, and reducing the number of employee queries to HR and Payroll teams in the process.
Want to improve the financial wellbeing of your employees? Book a demo of PayDashboard to see how we enable over 16,000 UK businesses to deliver a better payday experience, without having to change their HR/payroll software, with our cloud payslip solution.