As payroll year-end approaches, navigate smoothly by streamlining your processes, thereby ensuring compliance with HMRC regulations. At Solutions, we recognise the importance of getting this annual task right so the experts at our sister company, Advantage Services, are here to guide you through successfully navigating payroll year-end. Let’s delve into the key aspects you need to consider to make this process seamless and stress-free.
The Solutions Payroll Year End Guide
Step 1: Process your final pay run
Complete the final pay run of the tax year and process any leavers.
Step 2: Process your year-end
Utilise your payroll software to choose the tax year and submit your final submission for the tax year by the 19th of April deadline.
Step 3: Get your P60s ready
Generate P60s for employees working on the final day of the tax year. Deliver them by 31st May, summarising pay and deductions for the year.
Step 4: Check the P9’s and start your new payroll year
Check the IR secure mailbox or the HMRC Government Gateway for P9 notifications from the HMRC to apply any tax code changes for your employees.
Payroll year-end dates to be aware of:
5th April: End of the 2023/24 tax year
Before 6th April: Update employee payroll records and software
6th April: Start of the new tax year (2024/25)
19th April: Deadline for the final submission of the 2023/24 tax year
By 31st May: Employees receive P60s
By 6th July: Report on expenses and benefits
6th July: Deadline for P11D and P11D(b) forms
22nd July: Deadline for class 1A National Insurance contributions on Benefits in Kind
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Need some extra help?
Fancy a bit of extra help? We’ve got you covered!
Our experts have compiled an additional payroll year end checklist, ensuring we haven’t missed anything out that you may need. Click the button below to access our second checklist to help you streamline your payroll processes with ease.
