As the end of the payroll year ends it is paramount that everything is in place for a stress-free year end.
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.
Here are some important considerations to think about;
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.
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
Please check and double-check your payroll reporting as getting this wrong can cause financial problems for both your business and its employees.
