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debbie_clarke
Apr 20, 2019 1:41 PM UTC
Solved

I set up the pension scheme with the wrong taxation method - how can I change this?

Original commenter did not share additional details
JessT
JessTAnswer
Apr 21, 2019 7:22 AM UTC

I'm happy to walk you through editing your pension's tax method, Debbie_Clarke!

 

We'll go to your payroll setting to be able to edit the method.

  1. Click the Gear icon and choose Accounts and Settings ( or click the Gear icon and choose Payroll Settings).
  2. Choose Payroll and click on the Pension scheme section.
  3. Go to the Taxation method section and select the correct method. The method displayed in there depends on your provider.
  4. Click Save and click Done.

 

If there's anything that you need help with, you can always visit us back here.

 

Have a good day!

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5 replies

JessT
JessTAnswer
Apr 21, 2019 7:22 AM UTC

I'm happy to walk you through editing your pension's tax method, Debbie_Clarke!

 

We'll go to your payroll setting to be able to edit the method.

  1. Click the Gear icon and choose Accounts and Settings ( or click the Gear icon and choose Payroll Settings).
  2. Choose Payroll and click on the Pension scheme section.
  3. Go to the Taxation method section and select the correct method. The method displayed in there depends on your provider.
  4. Click Save and click Done.

 

If there's anything that you need help with, you can always visit us back here.

 

Have a good day!

MarikaH
Apr 26, 2019 12:27 PM UTC

I have also done this, and paid staff.

 

How can I correct the month that has just gone? And where is a good help article on what taxation method to use? The link wasn't very helpful.

 

Thanks,

TaliaI
Apr 26, 2019 3:38 PM UTC

Hello MarikaH,

 

Are you using QuickBooks Payroll, like pictures above?

 

Thanks,

 

Talia

TaliaI
May 3, 2019 4:04 PM UTC

Hello MarikaH,

 

You will need to rollback the pay period to correct the month. You can do this by going to Payroll, and then finding your last payroll in the Payroll History list. After selecting the payroll, click the small bin icon to delete the payroll. You can then make any changes you need to the pension scheme and re-run the payroll. You will need to select 'correction' as the reason for last submission when resubmitting the FPS to overwrite the info HMRC have.

 

If you need any further advice on taxation methods, you will need to contact your pension provider.

 

Thanks,

 

Talia

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