With the payroll year-end fast approaching on 5 April, clashing with the tax year-end, many businesses find this time of year particularly stressful.
The deadline for submitting details to HM Revenue & Customs (HMRC) is 31 May.
You must be aware of the critical dates when you prepare the payroll year-end, including:
- 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 updated on your payroll software?
Pay details: Have you submitted information showing how you have reported staff pay correctly?
The final pay run: When processing your last pay run on or before 5 April 2023, check you are happy with your employee’s year-to-date figures.
Process leavers: Before your final submission, have you processed any leavers? And is this information recorded in the correct tax year?
Extra payroll week(s): If you run a weekly payroll (including fortnightly or four-weekly), you may have to complete an extra pay run.
Final submission: This allows HMRC to finalise figures for this tax year for each employee. If you do not pay a staff member in that last period, you must submit an employer payment summary (EPS).
Process employee P60s: This is important as every employee is legally entitled to this document.
Please check, double-check, and triple-check your payroll reporting. Getting this wrong can cause financial problems for your business and your employees. Prepare for payroll year-end with the help of our team. Chat with us today.
Managing your payroll can be complicated and time-consuming. Many organisations take this burden away by outsourcing their payroll requirements to a professional payroll bureau. If you want to learn how this could work for your business, speak with our payroll advisors for an independent consultation.
