It’s end of year for Payroll – what should you do?
At the end of the financial year businesses need to undertake specific activity to finalise the payroll for the year. This activity needs to be completed on or before your employees last payday of the tax year (This ends on the 5th April)
Here is a simple checklist for you.
1. Finalise your month 12 payslips and submit your FPS to HMRC (Final Payment Submission) – ensure you indicate that it is your “Final Submission for year”
2. Or for cases where there are statutory, CIS and apprenticeship levy amounts submit a final EPS.
3. For each employee prepare the payroll record, identify the correct tax codes and enter the tax code in your payroll software. From 6th April
4. Ensure you have updated the payroll software so that the latest thresholds for Income Tax, National Insurance and student loan repayments are set.
5. Prepare P60’s and issue P60’s to all employees by 31st May
6. Report all expenses and benefits to HMRC by 6th July
If you are finding that your payroll duties are taking too much time, or if you have concerns that you may miss some essential reporting we have the expertise to help.
Using a 25 step guide every month, we ensure that your employees are paid the right wages, the correct payments are made to HMRC and all the right reporting is in place.
Leavers, new starters, holiday, sickness, minimum wage changes will no longer represent a concern as we pick up the payroll duties for you.
Call us today to see how we can help