The 5th April marks the end of the year for those employers who operate PAYE schemes. As we approach this point of the year, here is a reminder of the key tasks and deadlines for those operating PAYE schemes:

By 5 April:

Send your final payroll report of the year Send your final Full Payment Submission (FPS) of the tax year by 5 April, or by 19 April if you are correcting an error. You’ll be asked some end-of-year questions. You won’t have to answer these if you’re sending your FPS after 6 March 2015, but your payroll software might not let you complete the process if you don’t. If you run more than 1 payroll (eg for employees you pay weekly and monthly), include the end-of-year information in your last report.

From 6 April:

Update employee payroll records For each employee working for you on 6 April, you’ll need to:

  • prepare a payroll record
  • identify the correct tax code to use in the new tax year
  • enter their tax code in your payroll software

You should include in your payroll:

  • all employees you pay in the tax year, no matter how much you pay them
  • any employee who has worked for you in the current tax year (since 6 April) even if they have already left

Update your payroll software Follow your provider’s instructions to update your payroll software so it uses the latest rates and thresholds for Income Tax, National Insurance and student loan repayments.

By 31st May:

Give your employers a P60 Give a P60 to all employees on your payroll who are working for you on the last day of the tax year (5 April). The P60 summarises their total pay and deductions for the year.

By 6th July:

Report employee expenses and benefits   You can usually do this using your Payroll software, provided it has this function.

For any advice and support in completing your Payroll end of year, get in touch.