Are you ready to meet your year-end payroll requirements?

Now we are approaching the end of the tax year, all employers should ensure they complete the necessary steps in the payroll process. Below I have outlined key dates and requirements to assist you in meeting these obligations.

  • P60’s. All employees remaining in your employment on the 5th April must receive a P60 by 31st May summarising their pay and deductions over the year.
  • Check your last pay period – The final pay date for those weekly paid may fall on the 5th April in which case you may need to process a ‘week 53’ submission as a result of the leap year. If this is the case, simply ensure this is processed prior to the year end submission being made to HMRC.
  • Ensure all employees are current – If any employees have left the business, it is important they are processed as leavers prior to sending the final payment summary.
  • Send the final payment summary for the year – Once the final payroll for the year has been processed and former employees are processed are leavers, the final payment summary can be submitted.

Key dates for your diary;

  • 5th April – End of the current tax year
  • 6th April – New tax year begins
  • 6th April onwards – ensure employee records are current and payroll software is updated
  • 19th April – Deadline for the final submission for the 2019-20 tax year
  • 31st May – Employees must have received their P60’s
  • 6th July – A report must be made of the expenses and benefits and the P11D forms must be submitted
  • 19th July – Payment of class 1a National Insurance must be paid.

If you have any questions or would like assistance with processing payroll in your business in the new tax year, please contact us.