A better way to PSA
Transform your PAYE Settlement Agreement (PSA) delivery model with Deloitte’s PSA Wizard, an innovative tax technology based tool.
Producing a compliant PSA computation often requires a choice. Either:
- Taking a detailed approach to the review
The review can be performed by categorising large volumes of employee expense and benefit data to identify taxable amounts using line by line manual analysis.
- Taking a higher level approach, but potentially overstating taxable amounts
The alternative is to take some broad reasonable positions on data which has already been categorised. This can lead to overpaying because taxable expenditure can be overstated, or all available reliefs and exemptions are not claimed.
Either route can use up valuable time and money or create a compliance risk for your business.
Introducing a better way
With an inbuilt PSA specific dictionary of search terms, Deloitte’s PSA Wizard enhances your PSA delivery model by helping to quickly and efficiently decide which data may be taxable and which may be non-taxable. The PSA Wizard delivers a number of benefits:
Saves time and money
By automating repetitive and time consuming PSA processes, it allows your team to step away from significant manual analysis of large volumes of data and provides the opportunity to work on more value enhancing activities.
Quickly and more reliably analysing and categorising uploaded data sets helps mitigate risks caused by human error, giving greater confidence in your annual PSA computation.
By documenting the decisions made and positions taken, and providing the tools to review important judgments and identify valuable tax exemptions and relief opportunities.
Provides management reporting
By creating management reporting providing you with a robust audit trail to support good governance and Senior Accounting Officer (SAO) obligations.