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PAYE Tax Questions

What is PAYE tax?

PAYE or pay-as-you-earn tax is a type of withholding tax on a person’s income payments to employees. The amounts that are withheld are generally treated as a type of advance payments on the taxes that are due. These types of taxes are refundable to the extent they exceed tax as determined on their tax returns. For more information pertaining to PAYE Tax read below where many questions have been answered by Experts.

If a person is a PAYE employee, and has been receiving training in another area like Foreign Exchange Trading, would this fall under capital gains tax?

If the person would be trading on a full time basis, then they would be subject to capital gains tax. In most cases, there is an annual tax free allowance that allows the person to make a certain amount in trading before they have to pay tax. If the person is trading full time, then they may want to consider starting a trading business, since this may be cheaper and more beneficial for the person.

Can a person be free of tax if they do not stay in one country for very long but they are working over the internet for an Irish company?

The person’s employer may be able to request a PAYE Exclusion Order. This type of order will exclude an employee from tax withholding in Ireland. In most cases, most countries still require their citizens so if the person is a citizen of a certain country, then they may be liable for taxes in that country even though they are hardly there to pay the taxes.

If a person works as a temp worker through an agency and their tax status is limited and not PAYE, what holiday rights would they have and would it be deductable for any tax?

In most cases, a worker is allowed to take a minimum amount of holiday pay. In order for a person to take this kind of holiday pay, the employee would need to be employed by the company itself and not a temp worker. The person would also not be entitled to any other benefits that the company may offer.

Would a person have to pay taxes on a compensation that they receive when the person is working and paying PAYE tax and does not pay income or capital gains tax?

In most cases when a person gets a personal injury judgment or reliefs that are provided by a tribunal, they are not generally taxed. In most cases if the money is a refund of lost wages, then that money would be considered taxable. So when the person gets their judgment, then the portion that is paid to them for personal injury, they would not have to pay tax, but the portion that is paid to them to recover income that they would have generally received, then they would need to pay taxes on that.

PAYE tax may be a very confusing subject. If a person is using PAY tax, then they may have questions about what PAYE taxes are or how PAYE taxes work. When the person has these types of questions, then the person would need to seek the answers from an Expert.

Ask a Tax Professional

Wallstreet Esq.
Wallstreet Esq., Tax Attorney
Category: General
Satisfied Customers: 572
Experience:  10 years experience
16356563
Type Your Tax Question Here...
characters left:
6 Tax Professionals are Online Now

How JustAnswer Works:

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Tax Professionals are online & ready to help you now

Wallstreet Esq.
Tax Attorney
Satisfied Customers: 570
10 years experience
Wendy Reed
Enrolled Agent
Satisfied Customers: 3052
15+ years tax preparation and tax advice.
Mark D
Enrolled Agent
Satisfied Customers: 985
MBA, EA, Specializing in Business and Individual Tax Returns and Issues

Recent PAYE Questions

  • I'm a U.S. citizen about to liquidate a 31% stake in a UK registered

    I'm a U.S. citizen about to liquidate a 31% stake in a UK registered company that was vested at 2 years. What is the optimal route to claiming this tax-wise. And what are the subsequent implications?
  • My US employer based in California is offering me a position

    My US employer based in California is offering me a position to start up an operation in Ireland. Prior to moving to Ireland I will be selling my house in California. My question is about the tax requirements. While in Ireland I will be paid by my California based US employer. 1) Since I'm selling my house in California and will be gone for 12-18 month my employer should not withhold state tax correct? 2) Would I need to file a California state return if I'm not living in the state? 3) Would I file and exemption with the IRS so federal taxes are not withheld while I'm overseas? 4) I would have taxes withheld by the PAYE system in Ireland correct? 5) At the end of the year I would file federal taxes since i"m a US citizen but would have the double taxation treaty to minimize any federal taxes at the end of the year? If the above is correct please advise and what forms would I need to fill out for exemptions in the US?
  • We are British & have the opportunity to live in the US for

    We are British & have the opportunity to live in the US for 2.5 years.I would be working & we would both have visas & social security numbers.We have a business in the UK which we would continue to run from the US & be taxed by the UK government (Corp tax & we pay PAYE & NI).I thought there was an agreement between US & UK not to double tax & have asked the employers if I could be self employed & handle my own tax, but have been told I will have to be taxed at source by my job in the US.It will not be a high income, so it won't be much.Is there a way I could claim any tax paid in the US back? Is this a situation which would be complex & mean we would have to have an accountant who knows both countries' tax laws & procedures, to sort it all out for us or could it be simpler than that?
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