Payroll Year End

15th March 2018

With 5 April fast approaching, you must ensure that you send your final Full Payment Submission (FPS) on or before your employee’s final pay day within the tax year, ensuring that you tick to confirm that this is the final submission for the year on your payroll software. If you forget to tick this box, you can submit an Employer Payment Summary (EPS) to notify HMRC. You may also need to submit an EPS if you have not paid anyone in the final pay period of the tax year.

One of the key processes which you need to carry out for payroll year end is to produce the P60s for your employees. You will need to distribute the P60s to all of the employees on your payroll at the end of the tax year by 31 May 2018; any employees who ended their employment within the tax year should have been issued with a form P45 upon their final pay day.

For more guidance on payroll year end, please visit https://www.gov.uk/payroll-annual-reporting

 



 
Other items in Blogs
 
Ben Kilby
4th May 2021 Sage 50 VAT ‘T’ codes

With the changes to the reverse charge on VAT returns due to the UK leaving the EU from 1 January 2021, I thought I would share a reminder of the default tax codes within Sage from v27.1 onwards:   T0 – Zero rated transactions T1 – Standard rated transactions – Currently 20% T2 – Exempt…

Read More »

Angelica Hunt
19th April 2021 HMRC – Tax refund delays

A number of our clients are experiencing long delays in receiving tax refunds from HMRC.   HMRC attribute these to the need for them to perform security checks in order to combat fraudulent claims.  In some cases, HMRC need more information in order to verify genuine claims.   They may issue a verification letter, either…

Read More »

Ian Piper
15th April 2021 2021 SME Growth: Revenge Spending?

As we pass the Covid-19’s first anniversary of its impact on our area’s economy, accounts of local SME’s are now starting to show part of the damage they have experienced through the lock-downs and associated restrictive measures. Thankfully, through Government financial help and the nimble footwork of businesses adapting to survive, the overall effect upon…

Read More »

Jaimie King
15th April 2021 Life after CBILS: The Recovery Loan Scheme

The government-backed Coronavirus Business Interruption Loan Scheme closed on 31st March to new applicants. Thankfully, the government has put in place further support for businesses, to follow this.   The Recovery Loan Scheme – Government backed loans, 3 months – up to 6 years depending on the product – Up to £10m, no cap on…

Read More »

Vanessa Pearson
26th March 2021 6 April: A Guide to Off-Payroll Working Tax Rules

The proposed new rules apply regarding who determines IR35 status for freelancers hired by medium and large companies are imminent. Our Brief Guide will help find out how this affects you and what you can do: A Brief Guide to Off-Payroll Working Blog entry by: Vanessa Pearson

Read More »

Ben Kilby
25th March 2021 I hear a rumour…

I hear a rumour that Lloyds Agricultural banking team based in Edinburgh has been disbanded and merged within other teams around the country. Although some within the new regional teams may have some knowledge of agriculture it has been suggested that customers felt that this was not important. It seems that the agricultural specialism within…

Read More »