Avoid stress and prepare for payroll year-end
It is that stressful time of year again with the payroll year-end fast approaching. Payroll year-end ties in with the tax year-end, which is 5 April. The deadline for submitting details to HM Revenue & Customs (HMRC) is 31 May.
Important dates around payroll year-end include:
- 5 April – End of the 2022/23 tax year
- 6 April – Beginning of the new tax year (2023/24)
- 19 April – Deadline for the final submission of the 2022/23 tax year
- By 31 May – Employees need to receive their P60s
The late filing of payroll information could attract penalties. To make sure the process is as smooth as possible, check the following has been dealt with:
- Staff details: Are all staff details correct and up to date on your payroll software?
- Pay details: Have you submitted details showing how you have reported all your staff’s pay correctly?
- The final pay run: Process your last pay run that falls on or before 5 April 2023 and check you are happy with your employees’ year-to-date figures.
- Process leavers: Have you processed any leavers before you do your final submission, so this information is recorded in the correct tax year?
- Extra payroll week(s): If you run a weekly payroll (including fortnightly or four-weekly) then you may have to complete an extra pay run.
- Final submission: This allows HMRC to finalise the figures for this tax year for each employee. If you didn’t pay anyone in the last period before 5 April, then you will need to submit an employer payment summary (EPS).
- Process employee P60s: This is important as every employee is legally entitled to this document.
Please check and double-check your payroll reporting as getting this wrong can cause financial problems for both your business and its employees.
If you require any help or advice with your payroll please get in touch today.