Moneysoft and amended tax codes

reader
reader MAAT, AAT Licensed Accountant Posts: 1,037
Hi

I'm processing payroll for May 2012 in Moneysoft (trial version, this is a completely theoretical situation) and during month 1 I have used 747L as the tax code and in month 2 (i.e. May 2012) I have used 810L as the tax code.

However the income tax that Moneysoft calculates in month 2 does not take into account the overpayment of tax from month 1 (i.e. I used a lower tax code in month 1 hence the overpayment of tax).

My question is, therefore, how do I get Moneysoft, during month 2, to take into account the overpayment/change in tax code from month 1 ?

In case anyone is interested, I really like Moneysoft, I have no absolutely no payroll experience but have managed to pick up the basics very quickly.

Comments

  • Dcollins
    Dcollins Registered Posts: 179 ? ? ?
    It should calculate the correct cumulative tax in the new period with the new code. Unless the code has been entered as W1 or M1 by accident.

    If you enter P45 information, but have already processed a payroll period, there's an option to apply the P45 from a certain date. You just need to enter that date in the employee details P45 section.
  • reader
    reader MAAT, AAT Licensed Accountant Posts: 1,037
    Dcollins wrote: »
    It should calculate the correct cumulative tax in the new period with the new code. Unless the code has been entered as W1 or M1 by accident.

    Hi D

    Spot on! I clicked on w1m1 by mistake.

    Thanks

    :)
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